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Frustrated GM investors ask what more Mary Barra can do

DETROIT — General Motors Co Chief Executive Mary Barra has transformed the No. 1 U.S. automaker in her almost five years in charge, but that is still not enough to satisfy investors. Ahead of third-quarter results due on Oct. 31, GM shares are trading about 6 percent below the $33 per share price at which they launched in 2010 in a post-bankruptcy initial public offering. The Detroit carmaker's stock is down 22 percent since Barra took over in January 2014. After hitting an all-time high of $46.48 on Oct. 24, 2017, the shares have declined 33 percent. In the same period, the Standard & Poor's 500 index has climbed 7.8 percent. Several shareholders contacted by Reuters said GM could face a third major action by activist shareholders in less than four years if the share price does not improve. "I've been expecting it," said John Levin, chairman of Levin Capital Strategies. "It just seems a tempting morsel to somebody." Levin's firm owns more than seven million GM shares. Barra has guided the company through the settlement of a federal criminal probe of a mishandled safety recall, sold off money-losing European operations, and returned $25 billion to shareholders through dividends and stock buybacks from 2012 through 2017. GM declined to comment for this story, but the company's executives privately express frustration with the market's reluctance to see it as anything more than a manufacturer tied mainly to auto market sales cycles. GM's profitable North American truck and SUV business and its money-making China operations are valued at just $14 billion, excluding the value of GM's stake in its $14.6 billion Cruise automated vehicle business and its cash reserves from its $44 billion market capitalization. The recent slump in the Chinese market, GM's largest, and plateauing U.S. demand are ratcheting up the pressure. GM is one of the few global automakers without a founding family or a government to serve as a bulwark against corporate raiders. In 2015, a group led by investor Harry Wilson pressed GM to launch a $5 billion share buyback, and commit to what is now an $18 billion ceiling on the level of cash the company would hold. In 2017, GM fended off a call by hedge fund manager David Einhorn to split its common stock shares into two classes. Einhorn, whose firm still owned more than 21 million shares at the end of June, declined to comment about GM's stock price. Other investors said there were no clear alternatives to Barra's approach.

2019 Buick Regal to get Avenir luxury treatment

Buick will make the 2019 Regal sedan available in its top-tier Avenir trim, the fourth Buick model to carry the sub-brand name after the Enclave, LaCrosse and the GL8 in China. Buick says the Avenir line is selling faster than other trim levels on both the Enclave and the LaCrosse, and that half of all Regal Sportback buyers are opting for the top trim level, reflecting buyers' demand for more premium midsize cars. "Avenir sales have exceeded our expectations," Phil Brook, vice president of Buick and GMC Marketing, said in a statement. "Buick customers value the exclusive styling, premium features and convenient experience Avenir provides, and we are excited to extend that successful formula to Regal." So what's the Regal Avenir all about? Well, Buick will debut its first cloud-connected infotainment system, bringing embedded apps and enabling owners to set up their own profiles and user preferences for use in things like available navigation and voice-recognition, and carry over that profile to other compatible vehicles. The Avenir will come standard with safety and driver-assist technologies such as rear park assist, rear cross traffic alert, lane-change alert with side blind zone alert, LED headlights with auto leveling, cornering lamps and driver-side auto-dimming mirrors. Advanced adaptive cruise control and other active safety technologies are also available. Inside, there's a "Whisper Beige" theme with ebony accents, diamond quilt-stitched front seats, embroidered first-row headrests and sill plates carrying the Avenir script. An ebony theme is also available. The exterior gets a more dramatic look, with the Avenir 3-D mesh upper grille, script badging on the front doors and 19-inch Pearl Nickel wheels. Under the hood is the Regal's standard 250-horsepower 2.0-liter four-cylinder making 260 pound-feet of torque and mated to a nine-speed automatic. Avenir was the name of a four-door concept Buick unveiled as a surprise in 2015 in Detroit. The next year the company announced it would use the name as a top-tier trim level starting with 2018 Buicks. Pricing for the 2019 Buick Regal Avenir will be announced when it arrives at dealers. Related Video:

Buick struggling to keep up with Encore demand

Buick is having a hard time keeping up with demand for its all-new Encore mini-CUV, according to a report from Automotive News. The stylish, lifted five-door went on sale in January, but dealers have reported that supplies have dwindled after the initial high demand, taking the proverbial "wind out of the sails."
General Motors admits that it underestimated demand for the diminutive Buick, which is built in Korea and sold as the Opel Mokka in Europe, where it's also seen success. Buick spokesperson Nick Richards told AN, "We increased production, so there have been a lot more landing within the last month."
Buick has done a booming business, though, even with its limited supply of Encores. With over 12,000 units sold in the first half of 2013, the small CUV is on pace to annihilate industry analysts' estimates, which predicted no more than 18,500 units in 2013. We're not entirely surprised. When we first drove the Encore late last year, Autoblog professed that we had no idea how sales would turn out, as the Encore wasn't really entering into an established segment. Even so, wefound a surprising amount to like in the Encore, enough that we "wouldn't bet against it" being a major success.