11:10 AM EST, 02/26/2025 (MT Newswires) -- General Motors ( GM ) said Wednesday that its increasing the automaker's quarterly dividend, while announcing a $6 billion share repurchase program that includes a portion to be executed on an accelerated basis.

General Motors' ( GM ) board approved an increase of $0.03 per share to the company's quarterly dividend to $0.15. The new rate takes effect in April.

The company entered into an accelerated share repurchase program for $2 billion of the buyback authorization. The accelerated repurchase is scheduled to complete in the second quarter, though the general buyback has no expiration date.

Shares of GM climbed 4.7% in Wednesday trade.

"The GM team's execution continues to be strong across all three pillars of our capital allocation strategy, which are to reinvest in the business for profitable growth, maintain a strong investment grade balance sheet, and return capital to our shareholders," Chief Executive Mary Barra said in a statement.

Earlier this year, the company pegged capital spending between $10 billion and $11 billion in 2025, including investments in GM's battery cell manufacturing joint ventures. More than $8 billion of the capital budget is expected to go toward research and product development, GM said Wednesday.

"We are growing our business thanks to our broad, deep, and compelling portfolio of (internal combustion engine) vehicles and (electric vehicles)," Barra said. "At the same time, we are investing our capital in a disciplined and consistent way to continue generating strong margins and cash flows."

GM's balance sheet remains strong and management is prepared to "be agile if we need to respond to changes in public policy," Chief Financial Officer Paul Jacobson said.

The company last month said it achieved adjusted earnings per share of $10.60 in 2024, $0.10 above the high-end of its guidance range. It guided for 2025 non-GAAP EPS in the $11 to $12 range. Analysts surveyed by FactSet are modeling for adjusted EPS of $11.29 in the ongoing year.

Price: 49.02, Change: +2.31, Percent Change: +4.95