CEO Mary Barra is looking to dispel concerns about the health of GM’s core car-making business after setbacks in fledgling pursuits such as EVs.

General Motors wants to give its shareholders a bigger return in 2024, announcing a $10 billion accelerated share repurchase program now that the labor strikes have settled.

General Motors Co.’s stock soared 5% early Wednesday, after the car maker said its reinstating its 2023 earnings guidance and conducting a $10 billion accelerated share buyback program. The company is also planning to increase its dividend by 33% beginning with the January 2024 declaration.

General Motors stock jumped more than 10% Wednesday on plans for a $10 billion share buyback and dividend hike. It comes as the automaker pulls back on its EV and driverless vehicle ambitions. GM is also navigating higher labor costs amid the new union contract with the United Auto Workers.

General Motors announced plans to return “significant capital” to shareholders as the automaker seeks to move past recent labour strikes and difficulties with its ambitions for electric vehicles and driverless cars.

General Motors said the six-week UAW strike would likely take $1.1 billion from its bottom line this year, but vowed to boost shareholder returns following its October settlement.