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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.

What the electric Hummer's size and weight means for its efficiency

The 2022 GMC Hummer EV Edition 1. Tim Levin/Insider If you think driving a pint-sized Nissan Leaf is as good for the planet as driving a huge electric Hummer, think again.  The GMC Hummer EV uses significantly more electricity than other EVs, meaning it produces more pollution upstream.  The electric Hummer weighs 9,000 pounds and its battery weighs as much as a Honda Civic. The new electric Hummer rolls through town without a deafening engine rumble or a cloud of toxic fumes, but it doesn't exactly tread lightly.  The colossal truck weighs an astonishing 9,000 pounds. (Think two Toyota Tacomas, three Honda Civics, or 24 Shaquille O'Neals.) Moreover, the GMC Hummer EV is in many ways a supersized gas guzzler for a new era. It repackages many of the same flaws of hulking SUVs and trucks of years past — and proves not all zero-emission cars are created equal. EVs can be energy guzzlers too On the whole, electric cars use less energy than gas-powered ones. But they aren't all equally efficient.  No surprise here: The Hummer needs more electricity than any other EV on the market to move its elephantine frame. The Environmental Protection Agency rates the pickup at 47 MPGe (miles per gallon of gasoline-equivalent). For comparison, the Tesla Model 3 sedan is nearly three times as efficient, earning a rating of 132 MPGe. The Ford F-150 Lightning, another electric truck, gets 70 MPGe.  This has real consequences: Since the US gets 61% of its energy from oil, coal, and natural gas, the more electricity a car needs, the more pollution it creates upstream.  As the Union of Concerned Scientists put it: "Both EV cars and trucks are much cleaner than their gasoline counterparts, but electric trucks are responsible for more global warming emissions than electric cars simply because trucks are larger and heavier."  The 2022 GMC Hummer EV Edition 1. Tim Levin/Insider The Hummer EV is also resource-intensive to manufacture, requiring a ginormous (and weighty) battery to give people the 300-plus miles of range they desire. You could produce three Chevrolet Bolts with the same battery cells consumed by one Hummer.

GM to make most cars LTE hotspots for 2015

General Motors isn't the first automaker to deliver in-car Internet access, but a proposed plan announced today could make the technology more widespread than any of its competitors have offered. By the 2015 model year, most Chevrolet, Buick, Cadillac and GMC products in the US and Canada will offer 4G LTE mobile broadband access. Initially, GM will just be pairing with AT&T to deliver this service, but additional carriers will be revealed in the future.
Current in-car Wi-Fi hot spots are limited to 3G, but GM says that 4G LTE is 10 times faster than 3G service and will allow for full Internet access, including streaming video for entertainment as well as services like real-time traffic updates and navigation driving directions. There is also no need for a paired smartphone with this new system, which should make it easier to use, and GM and AT&T will also be working together to develop new apps for customers.
Buyers can expect to start seeing 4G LTE in their cars starting next year, and GM is already planning to expand the service to other global markets as well. All of the information from GM's announcement is posted in a press release below.