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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.

GM, Pilot will build EVgo fast chargers at 500 truck stops across U.S.

All of our maps showing electric vehicle charging stations across the U.S. are going to need an update. Today, General Motors, Pilot and EVgo announced plans to work together on a nationwide DC fast charging network. The plan calls for 2,000 charging stalls that can deliver up to 350 kW to be installed at up to 500 Pilot and Flying J travel centers in the U.S. The goal is to have DC fast chargers available in 50-mile intervals across the country. The new charging stations will feature GM's "Ultium Charge 360" branding and "Pilot Flying J" logos but will not be limited to drivers of GM EVs. The plugs will use CCS connectors and be available to anyone. GM EV owners can take advantage of benefits, including the ability to make exclusive reservations, get discounts on charging costs and streamline the charging process with Plug and Charge and in-vehicle apps that can provide real-time charger availability. The first installation phase will take place in 2023, and "the bulk of the installations" should be completed by 2025, EVgo CEO Kathy Zoi said during a conference call with reporters announcing the plan. "We're gonna get going immediately and commence all of that engineering and planning stuff," she said. "We've got a pretty orderly plan." Pilot CEO Shameek Konar said the company expects the new EV charging stations to coexist with the current fuel infrastructure. "An average Pilot Flying J location is about 10 acres," Konar said. "This will be in addition to all of our gas pumps. The way I think about it is, this is a new source of energy that is going to coexist with gas for quite some time. We can debate how long, but we need to serve both groups of customers." Installing DC fast chargers at hundreds of Pilot's travel centers — aka truck stops — means there should be food, drinks, restrooms, WiFi and even showers available while you wait for an EV to charge. Pilot recently announced its “New Horizons” plan that will invest $1 billion in upgrading Pilot travel centers with more premium amenities, including expanded seating and lounge areas. While the exact amount of time it will take to charge an EV using these new stations will vary on the EV and its current state of charge, most EVs can refill from a low state of charge to around 80 percent in 20-30 minutes on a fast charger. The new stations are future-proofed to deliver up to 350 kW, a charge rate that few EVs today can handle.

Recharge Wrap-up: Tesla sells Model S 85 and 70D in Malaysia, Chevy Spark EV built using clean energy

Tesla will send Model S 70D and Model S 85 EVs to Malaysia for leasing to government-linked companies. Only those companies will have access to the models as a two-year lease, which will be imported and leased by Malaysian Green Technology Corporation. The plan is part of an initiative by the Ministry of Energy, Green Technology and Water to allow government officials and other influential people to get to know the electric vehicles and the benefits that come along with them. Most of the 120 vehicles available will be the 70D model, and the lessee companies will have the option to purchase the cars at the end of the two years. Read more from Paul Tan's Automotive News. Wanxiang is hosting students from Delaware in China as part of a program to learn Mandarin and visit schools and science and technology sites. Wanxiang, the auto parts company that acquired Fisker (which had manufacturing based in Delaware) and battery maker A123 Systems, will give the students tours of its solar technology facilities, among other places, and see what daily life is like for families in the region. The program helps students interested in science and technology to foster marketable skills — like learning a foreign language — that will help them get jobs in industries around the world. Read more at Delaware Online. The Chevrolet Spark EV's electric motor (pictured) and drive unit are manufactured using clean energy. The e-motors building of the General Motors Baltimore Operations complex has a new rooftop solar array and uses LED and CFL lighting, helping the building recently earn LEED Silver certification. The landfill-free facility also takes advantage of the 1.23-megawatt solar array on the grounds, helping it source six percent its energy from renewable sources. The plant has reduced its energy intensity by 15.5 percent in three years, and continues to work toward reducing consumption and sourcing clean energy. "We believe reducing our environmental footprint is good for the climate and good for our business," says GM Executive Director of Global Public Policy Greg Martin. Read more in the press release below. Spark EV Motor Plant Fueled by Green, Clean Energy ENERGY STAR®, USGBC and Maryland state agency recognize facility's efforts WHITE MARSH, Md. – Chevrolet recently began selling the Spark EV to Maryland commuters able to take advantage of the state's robust charging infrastructure.