Michigan GOP candidate and UAW both criticize GM over $20 billion buyback
Mike Rogers and the United Auto Workers union joined in criticizing GM's new $20 billion stock buyback plan, according to Reuters reporting.
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what happened
Michigan Republican Senate candidate Mike Rogers and the United Auto Workers union publicly criticized General Motors on the same day over its new $20 billion stock buyback plan. Both argued the company is favoring shareholders over its workers. Rogers tied the problem to GM's electric vehicle investments, which he said lost billions, while the union called the buyback outrageous, noting that 80% of GM autoworkers lack pensions or retiree healthcare.
According to Reuters, GM has repurchased about $29.5 billion in stock since 2023. CEO Mary Barra said the company views its shares as undervalued. GM responded that its first priority is investing in its business and employees, pointing to more than $100 billion reinvested since 2020.
why it matters
For markets, this is mainly a story about GM's capital allocation and the political debate ahead of the November 3 Michigan Senate election. The buyback is large, but it does not shift the broader market picture. Investors will watch how the $11.2 billion in EV-related charges affects the company's future results.
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- Michigan Republican candidate and UAW, in rare alignment, blast GM — Reuters, 20 October 2026 at 19:18 UTC
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