General Motors on Tuesday announced a new US$6bn share buyback plan, more than a month after posting upbeat first quarter results and raising its annual forecast, citing stable prices and demand for petrol engine vehicles, Reuters reported.

The news agency noted the automaker had last November outlined a $10bn stock buy back soon after reaching a costly new labour agreement with the United Auto Workers (UAW).

“We are very focused on the profitability of our [petrol-powered vehicles] business, we’re growing and improving the profitability of our EV business,” CFO Paul Jacobson reportedly said, adding the company would continue to return capital to shareholders.