Elizabeth Warren Blasts GM Over $20 Billion Stock Buyback Plan, Bloomberg reports

General Motors (GM) agreed to pay $220 million to settle claims from 35 states and D.C. regarding its Smart Driver program's collection and sale of driver data. The settlement requires GM to obtain explicit consent before collecting or sharing data and to implement stricter privacy measures. GM did not admit wrongdoing and stated the program was discontinued in 2024.

GM announced its largest clean energy project, two solar facilities in Michigan with 276 MW output, costing $550M. The projects, developed by NorthStar Clean Energy, will generate 539,000 MWh annually and support GM's goal of 100% renewable energy in US facilities by 2025. The initiative aims to strengthen business resilience, create jobs, and reduce emissions, aligning with GM's zero-emissions vision.

General Motors (GM) is investing $550 million in two Michigan solar projects, totaling 300 MW, to generate renewable energy credits. These credits will offset emissions at three GM plants, supporting cost efficiency and sustainability goals. GM will purchase credits via a virtual agreement, not direct electricity. The projects aim to improve energy cost predictability and reduce emissions, with economic benefits for local communities.

Senator Elizabeth Warren criticized GM's $20 billion stock buyback plan, citing high car prices and layoffs. GM announced the plan on Oct. 20, alongside Q3 results, with no expiration date. The company has spent $29.5 billion on buybacks since 2023, and its stock fell 7% on the announcement. Sen.-elect Abdul El-Sayed also criticized the plan.

Peak Energy has $1.1B in preorders for its sodium-ion batteries, which it claims offer up to $1M annual savings per GWh and 90% less auxiliary power than lithium-ion. GM will supply cells by 2029. The companies aim for price parity with lithium-ion by 2028. Federal incentives support non-Chinese component use.

GM invested $550M in two solar projects in Michigan, partnering with NorthStar Clean Energy. The projects, with a combined capacity of 300 megawatts, will generate renewable energy credits to offset GM's electricity use at three assembly plants. GM is the primary customer under a virtual power purchase agreement.