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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.

Fernando Alonso sputters in his Indy test

INDIANAPOLIS — Helio Castroneves and Fernando Alonso kept waiting around Wednesday. Now both international stars have some unfinished business to take care before qualifying for this year's Indianapolis 500. After enduring a rain delay of more than four hours then watching IndyCar regulars turn laps at Indianapolis Motor Speedway for two more hours, Castroneves and Alonso finally made it onto the track — but couldn't quite complete their refresher course. "Happy to be back here because this place is great," Alonso said after posting a fast lap of 218.690 mph — the slowest of the nine-driver evening session. "We were slow because the weather and some of the decisions people made on running time and things like that." He faced a bevy of problems in his first trip back to Indy since an impressive rookie performance in 2017. The rain delay forced organizers into rescheduling the one-day test, moving the rookie and refresher driver time from midday to the evening, cutting a significant amount of practice time for Alonso and the others. And when the green flag finally waved, Alonso's No. 66 car stalled in the warmup lane forcing the two-time Formula One champion from Spain to be towed back to pit lane where his crew worked feverishly to fix an electrical problem while sat in the cockpit. Eventually, he did get out and passed the first of two refresher phases. He'll have to wait until opening practice of the 500 on May 14 to pass the second. "It was frustrating for everyone because it was a brand new chassis and a brand new car, so we expected to run a lot," said Alonso, who drives for McLaren Racing. "If we could have had this at midday, you could work on your issues in the afternoon and then go out again." To put his day in perspective, Takuma Sato, the 2017 Indy winner from Japan, posted the fastest lap of the day at 226.993 mph and Colton Herta was the fastest rookie at 226.108. Castroneves, as usual, was good right from the start and posted a fast lap of 225.565. The three-time Indianapolis 500 winner looked smooth and fast on his favorite track and wasted no time passing the first phase. That much should have been expected from the popular Brazilian, who has recorded seven top-three finishes in 18 Indy starts and will make his season debut May 11 in the IndyCar Grand Prix. The weather and yellow flags prevented four of the five veterans — Castroneves, Alonso, Oriol Servia and JR Hildebrand — from passing phase two. Only Indy native Conor Daly made it.

CES 2022 was huge for EVs | Autoblog Podcast #711

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Senior Editor, Green, John Beltz Snyder. CES took place this week, and there were some nice electric surprises from automakers, especially General Motors. John has been driving the Ram 1500 Power Wagon, as well as what seems to be its polar opposite, the electric Mini Cooper SE. Greg talks about the differences between the Acura TLX A-Spec long-termer (which is back in the shop) and the Type S loaner that's filling in for it. John's also got some interesting thoughts on leather interiors. Finally, the editors reach into the mailbag and help a repeat customer decide on a suitable replacement for a 2008 Lexus GX 470 in this week's Spend My Money segment. Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast #711 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown CES 2022 2024 Chevy Silverado EV revealed: 664 hp — and Midgate's back 2024 Chevy Silverado EV vs. 2022 Ford F-150 Lightning | How do they compare? Chevy Equinox EV and Blazer EV confirmed for production in 2023 Chrysler Airflow concept previews the brand's all-electric future Mercedes-Benz Vision EQXX shoots for 620-mile range Cadillac InnerSpace reimagines the personal luxury coupe What we're driving: 2022 Ram 1500 Power Wagon 2021 Acura TLX A-Spec and Type S long-termers 2022 Mini Cooper SE John's unpopular opinion: Let's do away with leather for good Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts 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: