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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.

2018 GMC Terrain Drivers' Notes Review | Summon the Druids, it's a better Equinox

We've had plenty of time in the all-new Chevrolet Equinox, testing it with all three of its available turbocharged four-cylinders: the 1.5-liter, the 2.0-liter performance upgrade and the diesel fuel economy upgrade. Finally, however, we get a turn behind the wheel of its brother from a different corporate mother: the 2018 GMC Terrain. This duo is certainly one of the most disparate pairings in GM's long badge-engineering past, with virtually no visual similarities inside and out. They're even less similar than the last Equinox-Terrain, which themselves were a far-cry from the Blazer-Jimmy days. They're largely the same under the skin, however, including their selection of engines. For the 2018 Terrain, we sampled the 1.6-liter four-cylinder turbodiesel good for 137 horsepower and 240 pound-feet of torque. It's an unusual powertrain to be sure, as no other compact crossover SUV in this country offers one (though Mazda has been threatening to do so for years now), but boasts an EPA-estimated fuel economy rating of 28 mpg city, 39 mpg highway and 32 mpg combined with front-wheel drive. It's basically the same with all-wheel drive. The as-tested price of the SLT Diesel was a rather hefty $39,605. It did, however, have most options, including the Infotainment Package II and Driver Alert Package II that together include all the extra entertainment and safety gadgets. Contributing Editor James Riswick: Let's be honest, the main difference between the 2018 GMC Terrain and its Equinox sibling is the way they look. As such, I can definitively say I prefer the Terrain. It's far more cohesive and better proportioned than the rather dumpy Equinox. It also avoids the garish over-adornment of the last Terrain even if the floating roofline D pillar has passed its expiry date. I think the interior looks better too. As for the way it drives, the 2018 Terrain demonstrates great improvements from one generation to the next. The steering in particular is greatly superior in its feel and feedback. Body motions are also kept nicely in check. Is it a Mazda CX-5 or Ford Escape beater? No, but it's far more confidence inspiring now. So that's the good. Now, the extremely bad. This diesel engine vibrates so much I can't imagine anyone taking one for a test drive and choosing it over the 1.5-liter gasoline turbo. You feel it through the wheel, the pedals and the seat of your pants constantly. It's particularly bad when stopped and even present when just cruising on the highway.

2019 GMC Sierra AT4 First Drive Review | Off-road overkill

The road ahead is dirt with a rut here and a rock there. Brush keeps a respectable distance on the right side, the edge on the left gradually falls away into the valley below. The grade is nothing your treadmill couldn't duplicate and traction is pretty good. Honestly, a couple in their Subaru Crosstrek could pop up here for a picnic. The 2019 GMC Sierra AT4 we're driving is therefore complete overkill. But at least it looks the part as it trudges up this uncharacteristically verdant mountain with San Diego in the distance to the north and Mexico to the south. Its special, dechromed AT4 grille has a purposeful appearance, but tastefully lacks the show-off machismo of Ford and Ram's off-roading models. The red tow hooks are a nice touch and the dark-accented 20-inch wheels wrapped in all-terrain rubber are just the right size beneath a suspension that is raised an extra 2 inches from every other Sierra. That would be one of the key elements that differentiates the AT4 as the Sierra's off-roading model – GMC's answer to the Chevy Silverado's Trail Boss trims. In fact, their mechanical enhancements are identical. Besides the 2-inch lift, the suspension features off-road-tuned Rancho monotube shocks. There's also a locking rear differential, a two-speed transfer case, skid plates and those tow hooks. The 5.3-liter V8 with Dynamic Fuel Management is similarly standard, but unlike the Silverado Trail Boss, the Sierra AT4 offers the 6.2-liter V8 good for 420 horsepower and 460 pound-feet of torque as a roughly $2,500 option. That's the engine we have and it delivers the expected punch, complete with a satisfyingly snarling exhaust note. However, as observed in back-to-back drives with these two available engines during the Silverado launch, the 6.2 certainly isn't necessary. The 5.3-liter is seriously capable and the bigger engine is largely for those who want to have the biggest number possible emblazoned on the fender. It's overkill, which in this particular environment, is fitting. Besides the available engine upgrade, the AT4 also goes beyond its Trail Boss counterpart by dipping into the Sierra Denali's tool box. Its MultiPro tailgate is standard equipment, allowing for six different configurations, the most notable of which include a means of more easily reaching into the bed and a drop-down step that eases entry into the bed. GMC's considerable touting of that last element is rife with hypocrisy given GM advertisements that mocked Ford's similar feature.