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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.

Online Find Of The Day: 2008 Cadillac XLR picks up where Excalibur left off

We try very, very hard to keep snark away from creations like the one you see here. After all, someone poured plenty of enthusiasm, time and money into turning a 2008 Cadillac XLR into a modern interpretation of the new-old cars typically done by cottage builders like Excalibur and Clénet. Even so, it's hard not to wince when you set an eye on this machine. With its wheelbase stretched to accommodate the extra bodywork, goofy sidewalls and upkicked nose (examine it in profile, it looks slightly bent in the middle), this "neoclassic" takes whatever was loveable about the Cadillac underneath and buries it in a tacky grave.
Miraculously, the engine bay has been left unmolested, which means the retractable hardtop convertible still features a 4.6-liter Northstar V8 engine good for 320 horsepower. If only that were enough to outrun its shame. If, for some reason, you feel like taking this thing home, Harry Kaufmann Motorcars of Milwaukee says it can be yours for a paltry $74,998. We wish were joking. Check it out here.

Cadillac highlights craftsmanship in latest Escalade teaser videos

Cadillac, in case you haven't heard, is unveiling the new Escalade on October 7, completing the redesign of General Motors' large SUV range. The event is proceeding with the regular degree of "teasers" and "leaked images" that is typical of the automotive world, nowadays.
As the new Escalade's reveal date grows closer, Cadillac is trumping up interest for the new SUV, debuting five short teaser videos on its YouTube channel. While not showing much about the Escalade itself, the spots reveal plenty about its materials. Real wood and hand-stitched leather are highlighted, while we get another glimpse of the Escalade's vertically oriented headlights. Take a look below for all five spots.