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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.

Autoblog's guilty pleasure cars

Guilty pleasures are part of life – don't even try to pretend like you don't have one (or two, or six). In the non-automotive space, this could come down to that secret playlist in your iPhone of songs you'll only listen to when you're alone; or think of that one TV show you really do love, but won't admit to your friends. I've got plenty, and so do you. Going back to cars, here's a particularly juicy one for me: several years ago, I had a mad crush on the very last iteration of the Cadillac DTS. Oh yes, the front-wheel-drive, Northstar V8-powered sofa-on-wheels that was the last remaining shred of the elderly-swooning days of Cadillac's past. Every time I had the chance to drive one, I was secretly giddy. Don't hate me, okay? These days, the DTS is gone, but I've still got a mess of other cars that hold a special place in my heart. And in the spirit of camaraderie, I've asked my other Autoblog editors to tell me some of their guilty pleasure cars, as well – Seyth Miersma, as you can see above, has a few choice emotions to share about the Mitsubishi Lancer Evolution. Read on to find out what cars make us secretly happy. Mercedes-Benz SL65 AMG This decadent convertible is the epitome of the guilty pleasure. It's big, powerful, fairly heavy and it's richly appointed inside and out. It's a chocolate eclair with the three-pointed star on the hood. Given my druthers, I'd take the SL65 AMG, which delivers 621 horsepower and 738 pound-feet of torque. That output is borderline absurd for this laid-back convertible. I don't care. You don't need dessert. Sometimes you just crave it. The SL line is about the feel you get on the road. The roof is open. The air, sun and engine sounds all embrace you. It's the same dynamic you could have experienced in a Mercedes a century ago, yet the SL gives you the most modern of luxuries. An Airscarf feature that warms my neck and shoulders through a vent embedded in the seat? Yes, please. Sure, it's an old-guy car. Mr. Burns and Lord Grantham are probably too young and hip for an SL65. I don't care. This is my guilty pleasure. Release the hounds. – Greg Migliore Senior Editor Ford Flex I drove my first Flex in 2009 when my mother let me borrow hers for the summer while I was away at college. The incredibly spacious interior made moving twice that summer a breeze, and the 200-mile trips up north were quite comfortable.

Ford F-150, Chevy Silverado, Toyota Tundra flunk IIHS headlight test

The Insurance Institute for Highway Safety put pickup truck headlights to the test and found that the majority of them were equipped with subpar units. The 2017 Honda Ridgeline was the only truck to earn a rating of "good." The large pickup truck test was comprised of the: 2016 to 2017 GMC Sierra, 2017 Nissan Titan, 2016 Ram 1500, 2016 to 2017 Chevrolet Silverado, 2016 to 2017 Ford F-150, and 2016 to 2017 Toyota Tundra. The Sierra's headlights earned a rating of "acceptable," the headlights found on the Titan and Ram 1500 were found to be "marginal," and the ones on the Silverado, F-150, and Tundra were rated as "poor." IIHS claims the F-150 was the most disappointing out of the large pickup trucks as both its halogen and optional LED headlights failed to provide adequate visibility during testing. The Ridgeline (which earned a "good rating"), is usually considered a midsize or small truck, though IIHS included it in the field of large pickups. The headlights on the 2016 Chevrolet Colorado, 2016 GMC Canyon, 2016 Nissan Frontier, and 2016 to 2017 Toyota Tacoma, which made up the small pickup truck group, all earned a rating of "poor." The IIHS claimed the Colorado had the worst headlights of any truck that was tested, as the base vehicle's units were only able to illuminate up to 123 feet in front of the car. The Ridgeline's headlights, for reference, were able to illuminate up to 358 feet in front of the vehicle. To conduct its test, the IIHS utilizes a special tool to measure how far light is projected out of the headlights in different driving situations. The trucks' headlights were tested in a straight line and in corners, while vehicles with high-beam assist were given extra praise. The headlights on the pickup trucks also mimic the testing that was done on small SUVs and cars earlier this year. Next year, automakers will need to fit their vehicles with headlights that earn a rating of either good or acceptable to earn the IIHS Top Safety Pick+. Related Video: