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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.

Cadillac Elmiraj Concept brings big coupe style to Pebble Beach [w/videos]

Two years ago, Cadillac absolutely floored us with the debut of its gorgeous Ciel concept at the Pebble Beach Concours d'Elegance. And since that droptop four-door's debut, we've seen plenty of its design language worked into the latest Cadillac products. Now, we're seriously hoping that history will repeat itself with this stunning new Elmiraj coupe concept, which makes its first public appearance in Monterey this week.
Cadillac states that the Elmiraj concept simply showcases the next step forward for the brand's Art & Science design DNA, and doesn't necessarily preview an upcoming model. But if you told us the Elmiraj was a conceptual look at the next-generation CTS Coupe, or a smaller, two-door version of a new flagship, we'd believe you. At 207 inches long, 76 inches wide and 55 inches tall, its dimensions are only slightly larger than the current two-door CTS.
Regardless of what the Elmiraj does or does not become, it's certainly a fantastic modern interpretation of the classic GT formula with its short front overhang, long hood, rakish roofline and petite rear deck. The strong character lines running along the sides and exaggerated 22-inch wheels round out the beautiful coupe, and Cadillac's signature vertical LED lighting elements are found at the front and rear. Also take note: the badge on the grille is a crest without a wreath, basically confirming our earlier report.

2016 Cadillac CT6 has arrived

We have known for a while that the 2015 New York Auto Show would mark the debut of Cadillac's latest flagship model. But after months of waiting as Caddy slowly revealed details, the 2016 Cadillac CT6 has finally arrived. The sedan is a technological tour de force for the brand and inaugurates a long list of new technologies. The CT6 will begin production at the Detroit-Hamtramck Assembly plant in late 2015 and will go on sale with three engine options. Caddy won't release final figures yet, but based on preliminary numbers, we know the base 2.0-liter turbocharged four-cylinder will make 265 horsepower. Stepping up to the newly revised 3.6-liter V6 will net buyers an estimated 335 hp, and finally there will be the 3.0-liter twin-turbo V6 with an output of around 400 hp. All of these engines will be mated to eight-speed automatic transmissions, and six-cylinder models will get standard all-wheel drive that will be able to constantly vary the power sent to the front wheels. Carrying those powertrains is the new, aluminum-intensive Omega architecture. In addition to the lightweight metal making up the platform, the entire exterior also uses it to provide an estimated curb weight of less than 3,700 pounds. The decision to shed mass makes the CT6 a featherweight in its class – for comparison, the lightest, six-cylinder Audi A8 weighs 4,365 pounds. The sedan rides on a 122.4-inch wheelbase and is 204 inches long. That makes the Cadillac about 1.3 inches shorter than the smallest BMW 7 Series, but the Caddy is projected to tip the scales at less than both the big Bimmer and even the 5 Series, too. Cadillac wants the CT6 to be a luxury sedan that drivers can enjoy. In addition to the low weight, there's an available Active Chassis System throughout the range with rear-wheel steering and Magnetic Ride Control. When combined with the all-wheel-drive system, it means every corner of the car is both driving and steering the vehicle. Inside, the CT6 offers a ton of tech and luxury. Drivers are held in massaging, leather seats, and rear passengers also get adjustable chairs that are heated and cooled. Quad-zone climate controls keep everyone comfortable. Plus, in addition to the 34-speaker Bose audio system and streaming rearview mirror, there are features like a 10.2-inch CUE infotainment system with a capacitive touchscreen and console-mounted touchpad. The display also shows a 360-degree view outside and can even record video when the security system is activated.