(Bloomberg) -- BMW AG is buying back as much as €2 billion ($2.2 billion) of stock starting this month.

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The carmaker’s management board approved the program, which will be concluded no later than April 30, 2027, BMW said Tuesday. It’s the German company’s third major buyback in three years.

BMW shares rose as much as 2.5% in Frankfurt after the announcement. The stock is roughly flat this year.

Carmakers have returned more money to shareholders in recent months. Mercedes-Benz Group AG in February announced plans to buy back as much as €5 billion in stock over a period of two years, telling investors it may cut its stake in Daimler Truck Holding AG to help fund the moves.

BMW’s latest program is applicable to both ordinary and preferred shares, with the latter’s volume limited at €350 million. At the company’s annual general meeting last week, shareholders authorized the repurchase of as much as 10% of the company’s share capital within five years.

--With assistance from William Wilkes.

(Updates with shares in third paragraph.)

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