General Motors (NYSE:GM) announced on Tuesday the initiation of a new $6 billion share buyback program.

This move comes shortly after the automaker increased its dividend following an upbeat annual forecast, which highlighted stable prices and sustained demand for gasoline-engine vehicles.

In November, GM had set in motion a $10 billion stock buyback program shortly after finalizing a significant labor agreement with the United Auto Workers union.

The company successfully completed the first tranche of this buyback in the first quarter and is progressing towards reducing its outstanding share count to below 1 billion.