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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.

Did the Chevy Corvette Z06 break 7 minutes at the Ring? Not likely

"Just because it's on the internet doesn't make it true." That's rule number one, two and arguably, three, of surfing the world wide web. In today's example of this rule, we have the following. The website HorsepowerKings is claiming that a 2015 Chevrolet Corvette Z06, with the eight-speed automatic and Z07 package, managed to lap the Nurburgring Nordschleife in under seven minutes. To put that in perspective, that super-quick time would put the 650-horsepower, $97,000 (the price of a 2LZ with the Z07/8AT combo) Z06 a mere two seconds slower around the world's most challenging race track than the $929,000, 887-horsepower Porsche 918 Spyder Weissach. It's about eight seconds quicker than Nissan's own test of the GT-R Nismo Track Pack and 13 seconds faster than a Dodge Viper ACR. Unfortunately, Chevy says there isn't anything to it. We reached out to the Bowtie's Monte Doran, who confirmed that HK's claims are "not accurate." "Any one – a manufacturer, a journalist, a guy standing on the fence of the Ring – can claim a lap time. As such, we think the in-car video is essential to proving a time is real and credible, and Chevrolet will not release a lap until we have a video to substantiate the claim," Doran told Autoblog. "Chevrolet accumulated nearly 1,000 miles of testing on the Nurburgring with the Z06. During that time, we only had two opportunities to run a lap on video – and both were rained out. If we get a lap on video, we will post an official time." Doran finished by referencing the "only official lap time" for the Z06 – a 2:41 around the Virginia International Raceway. Frankly, we aren't terribly surprised by Chevy's position. One would imagine if the Z06 were matching million-dollar hypercars around the 'Ring, the company would literally be screaming about it from Renaissance Center's rooftop. As this is quite the opposite of that, though, we're betting that the real Z06 lap time - while still likely very, very fast – won't be quite quick enough to frighten the brightest and best of today's hypercars.

Chevy Silverado Midnight Edition coming to Chicago

Between the GMC Canyon Nightfall Edition and Chevy Silverado Custom Sport, the truck divisions of General Motors had no lack of blacked-out custom pickups to showcase at the Detroit Auto Show this year. But now the General has announced one more. Called the Midnight Edition, for this special Silverado blacks out all the trim, including the grille, bumpers, headlamp bezels, tow hooks, fog lamps, side and beltline moldings, 19-inch wheels, bedliner and bowtie emblems. It's based on the Silverado 1500 with the Z71 package, so it also boasts an off-road suspension, locking rear differential, hill-descent control and trailering pack. While it was at it, Chevy has also thrown in rear park assist and power heated door mirrors. Buyers will be able to choose between double- or crew-cab models, but no more than 5,000 examples will be produced this year, each priced at a premium pegged between $1,595 and $1,995 (depending on the model). The Silverado Midnight edition debuts today at the National Automobile Dealers Association convention in San Francisco and will be showcased at the Chicago Auto Show next month, around the time that deliveries will commence. 2015 Silverado Midnight Edition is The New Black Monochrome appearance package to debut at NADA and Chicago Auto Show 2015-01-22 DETROIT – Truck fans know that nothing adds presence to a pickup like basic black. And Chevrolet is taking black to the next level with the Silverado Midnight special edition, on display starting today at the National Automobile Dealers Association Convention & Expo in San Francisco, and making its public debut February 14 at the Chicago Auto Show. Beginning with a black Silverado Z71, the Midnight special edition adds: - An all-black front end with body-colored grille, bumper, headlamp bezels, tow hooks and fog lamps; - Black side moldings and beltline moldings; - 18-inch black painted alloy wheels with Goodyear Wrangler Duratrac all-terrain tires; - Special Z71 badges on the doors; - A spray-in bedliner (black, of course); - And the finishing touches – black Chevrolet bowties front and rear. Like all 2015 Silverado 1500 Z71s, Midnight special editions include off-road suspension, a locking rear differential, Hill Descent Control and a trailering package. Midnight special editions also include rear park assist and heated, power-adjusted outside rear-view mirrors.