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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.

Junkyard Gem: 2006 Buick Lucerne CXL

When The General's Buick Division axed the LeSabre and Park Avenue names in 2005 (after 46 and 30 years, respectively, though the Park Avenue returned a few years later in China), the replacement top-of-the-line Buick sedan became the new Lucerne. It wasn't the Buick with the biggest price tag that year— those honors went to the Terraza minivan and Rainier SUV— but it became the flag-bearer for a bloodline of cushy, prestigious Buick sedans that stretched all the way back to the early days of the American auto industry. Lucerne sales for the 2006 and 2007 model years went pretty well, and now enough time has passed that some of these cars are showing up in the self-service car boneyards I frequent. Here's a first-year example with the optional Northstar V8 engine, found in a Northern California yard last summer. Plenty of American cars have been named after cities in Italy, France, and Spain, but the Lucerne is the only one I can think of that bears the name of a Swiss city (to be fair, the entire Chevrolet Division is named after a Swiss man, so Switzerland didn't really get shortchanged by The General in the naming department). CXL was the Lucerne's mid-grade trim level, sandwiched between the CX and CSX. The high-zoot Lucerne CSX got the 4.6-liter Northstar as standard equipment, but this quad-cam V8 and its 279 horses cost extra on the CXL. The base engine for the CX and CXL was the good old 3.8-liter pushrod Buick V6, rated at 197 horsepower. No US-market 2006 Buick could be purchased new with a manual transmission; this car has a four-speed automatic. In a Buick tradition stretching back to the late 1940s, this car boasts flashy "Ventiports" on the fenders. In past years, the number of ports on each side designated the car's intended swank level; starting with the Lucerne, they indicated the number of engine cylinders. So, when you're crawling around your local Ewe Pullet and looking for Northstars, seek out the Lucernes with the four-hole Ventiports. "Leather-appointed" power bucket seats and "wood-toned" trim were standard on the CXL, as well as an MP3-capable CD player with six speakers. By 2006, most American vehicle shoppers seeking something big and luxurious chose trucks and truck-like machines, but the market still supported quite a few sedan models such as the Lucerne. Most US-market GM vehicles got these little square "Mark of Excellence" fender badges during the late 2000s.

VW ID.4, the new Buick Envision and crossing Hyundai's N Line | Autoblog Podcast #668

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Associate Editor Byron Hurd. It's a review-packed episode this week, but it kicks off with a discussion of Volvo's plans to electrify by 2030 and move their EV sales online. From there, they get into Greg's time with VW's game-changing new ID.4 electric crossover. Byron then talks about his time with two very different new vehicles: the 2021 Buick Envision luxury crossover and the 2021 Hyundai Sonata N Line, which may or may not be a sport sedan. Finally, they tackle a fascinatingly complex twitter question: What is the best 'economy' muscle car? Autoblog Podcast #668 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown News Volvo introduces 2022 C40 Recharge crossover, announces all EV sales will be online-only What we're driving 2021 Volkswagen ID.4 2021 Buick Envision  2021 Hyundai Sonata N Line Reader question What is the best 'economy' muscle car?  Feedback Email – Podcast@Autoblog.com Review the show on iTunes Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related Video: Auto News Green Podcasts Buick Hyundai Volkswagen Volvo Green Automakers Electric Future Vehicles Sedan