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GM says over 40% of new China launches in next five years will be EVs

SHANGHAI — General Motors is planning an electric car offensive in China with more than 40% of its new launches in the country over the next five years set to be electric vehicles (EVs), the U.S. carmaker said on Wednesday. GM's electric vehicles, many of which will be all-electric battery cars, will be manufactured in China with almost all parts coming from local suppliers, the company said in a statement released at its Tech Day event in Shanghai. Reuters reported earlier on Wednesday that GM was planning to overhaul its Chinese line-up to stem a slide of sales after more than two decades of growth in a country that contributes nearly a fifth of its profit. GM's new China boss Julian Blissett told Reuters that new technologies, such as EVs and cars with near hands-free driving for highways, would play a key role in GM's China initiatives, which are part of a push to get annual sales in the country back to the 4 million peak it hit in 2017. GM did not say in its statement how many new or significantly redesigned models it was planning to launch in China over the next five years. "China will play a crucial role in making our vision a reality," GM CEO Mary Barra said in the statement, referring to its initiative to create what it describes as a future of "zero crashes, zero emissions and zero congestion" through electrification and smart-driving technologies. GM has said it plans to invest more than $20 billion in electric and automated vehicles globally by 2025. It was not clear how much of that investment will be spent in China. (Reporting by Norihiko Shirouzu in Shanghai; Editing by David Clarke) Related Video: Green Buick Cadillac Chevrolet GM Electric China

2018 Buick Regal's base price is almost $2,500 cheaper than last year's

Along with the launch of the Buick Regal GS, Buick released official pricing for all three versions of the Regal, and they're very competitively priced, especially the Sportback. The part-sedan, part-hatch Regal Sportback starts at just $25,915. That's more than $2,000 cheaper than the previous generation 2017 Buick Regal sedan, which started at $28,385. Along with the savings in cost comes a standard turbocharged 2.0-liter four-cylinder making 250 horsepower and 260 pound-feet of torque - 295 pound-feet with optional all-wheel drive. That's a significant step up from the standard naturally aspirated engine in the previous-generation Regal that makes just 182 horsepower and 172 pound-feet of torque. The new Regal's hatch also provides more flexibility for loading cargo, and the cargo space expands from 14.2 cubic feet in the old model to 31.5. View 12 Photos The TourX wagon, or crossover depending on your opinion, comes with a $4,000 premium over the Sportback, with a base price of $29,995, matching what was revealed last month. It gains only about an extra cubic foot behind the rear seats, but with the seats folded, it has 73.5 cubic feet to play with. It also comes with standard all-wheel drive and the engine with 295 pound-feet of torque. Plus, it has the added ride height and plastic body cladding that gives it the same trendy look shared with the Subaru Outback, Volvo V60 Cross Country, and Audi A4 Allroad. It is a few thousand more than the Outback, but it undercuts the Volvo by roughly $10,000 and the Audi by almost $15,000. Then, for performance, there's the Regal GS. It starts at $39,990 and has a 310-horsepower V6 and standard all-wheel drive. It also features all of the versatility of the regular Regal Sportback. All-in-all, the Buick Regal line seems to pack a lot of value, at least on paper. Related Video:

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.