The company had in November outlined a $10 billion stock buyback close on the heels of reaching a costly new labor agreement with the United Auto Workers (UAW).
"We are very focused on the profitability of our [gas-powered vehicles] business, we're growing and improving the profitability of our EV business," CFO Paul Jacobson said, adding that the company will continue to return capital to shareholders.
The Detroit automaker did not give a time frame for the latest buyback but said the move will allow it to "opportunistically repurchase shares" after the completion of the existing plan.
GM shares were under pressure for most of 2023 as it dealt with the UAW strike and troubles at its Cruise self-driving vehicle unit.
CEO Mary Barra has acknowledged in prior earnings calls that the company's shares, which closed at $47.57 on Monday, have been a disappointment since their IPO in 2010.
Shares of the company, which has a market capitalization of nearly $54 billion, were up 1.8% in early trading. They have risen about 50% since GM announced the $10 billion stock buyback in late November.
It had raised its dividend by 33% to 12 cents per share in January. Rival Ford Motor (F.N) has also committed to return 40% to 50% of its free cash flow to investors and had in February announced an extra 18 cents-per-share dividend.
