General Motors reinstates dividend suspended in pandemic

Aug 19, 2022, 5:00 AM | Updated: 5:06 am
FILE - A General Motors sign is seen at its facility in Langhorne, Pa., on Oct. 16, 2019. General M...

FILE - A General Motors sign is seen at its facility in Langhorne, Pa., on Oct. 16, 2019. General Motors' second-quarter net income fell 40% from a year ago as computer chip and parts shortages hobbled factory output and drove the company's U.S. sales down more than 15%. The Detroit automaker said it made $1.67 billion from April, 2022, through June, 2022, in part because it couldn't deliver 95,000 vehicles during the quarter because they were built without one part or another. (AP Photo/Matt Rourke, File)

(AP Photo/Matt Rourke, File)

DETROIT (AP) — General Motors will reinstate quarterly dividend payments that were suspended during the pandemic that shut down its factories.

The automaker said Friday that the dividend of 9 cents per share will be paid on Sept. 15 to shareholders of record on Aug. 31.

GM canceled its quarterly dividend in April 2020 as COVID-19 spread unchecked in the U.S. and manufacturing in the U.S. screeched to a near halt.

The last time the Detroit automaker suspended dividend payments was in 2008 during the nation’s worst economic downturn since the Great Depression. Those payments resumed six years later, in 2014.

GM also announced that its going to start buying back shares again. The company board boosted its existing stock buyback program’s capacity to $5 billion, from $3.3 billion earlier this week.

Shares of General Motors Co. are up 7% this month.

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General Motors reinstates dividend suspended in pandemic