Michigan Republican candidate and UAW, in rare alignment, blast GM
GM•Republican Senate candidate Mike Rogers and the United Auto Workers criticized General Motors after it announced a new $20 billion stock buyback plan. GM said it has reinvested more than $100 billion in its business and employees since 2020, while CEO Mary Barra said the company views its shares as undervalued.
1. Criticism of buyback
Rogers and the UAW separately accused GM of putting shareholders ahead of workers after the automaker unveiled a $20 billion stock buyback plan. Rogers said GM had invested billions in electric vehicles that consumers did not want, while the UAW called the buyback “outrageous,” saying 80% of GM autoworkers do not have pensions or retiree healthcare benefits.
2. GM defends investment
GM said its first priority is investing in its business and employees and that it has reinvested more than $100 billion since 2020 in products, factories and people. The company has bought back about $29.5 billion in stock since 2023, and CEO Mary Barra said GM viewed its shares as undervalued.
3. Campaign context
Rogers is challenging Democrat Abdul El-Sayed in a closely watched Senate race; the UAW has endorsed El-Sayed. GM has scaled back electric-vehicle production and investment plans amid softer demand and policy changes, and has recorded $11.2 billion in EV-related charges since last year.
