General Motors says pretax earnings took a $1.1 billion hit this year due to a six-week strike by autoworkers, but the company expects to absorb increased labor costs and have enough left to buy back stock worth nearly one quarter of the company's $44 billion market value.
Shares of GM rose nearly 11% Wednesday after the stock buyback was announced, but they are still down about 27% in the past year.
To get there, GM plans to cut capital spending, including a slowdown in spending on electric vehicles and at Cruise, its troubled autonomous vehicle unit. California regulators revoked the San Francisco-based subsidiary's robotaxi license last month after one of its vehicles dragged a pedestrian to the side of a street after the person was hit by another car.
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