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GM’s Charlie Wilson was right: Stronger regulations can help U.S. automakers

Charlie Wilson had been the president and CEO of General Motors before being nominated to become secretary of defense by Dwight Eisenhower. During his Senate confirmation hearings, he controversially said, "For years I thought what was good for our country was good for General Motors, and vice versa." And he was right. While car companies aren't necessarily the most progressive when it comes to things that might have the slightest possibility of political blowback, General Motors should be credited for doing something absolutely forthright in this regard with its announcement that it wants the federal U.S. government not to squash the California Air Resources Board's emissions requirements but to actually create a 50-state "National Zero Emissions Vehicle" program that, in the words of Mark Reuss, executive vice president and president, Global Product Group and Cadillac, "will drive the scale and infrastructure investments needed to allow the U.S. to lead the way to a zero emission future." Filing comments to the Safer Affordable Fuel-Efficient Vehicles Rule for Model Years 2021-2026 Passenger Cars and Light Trucks is one thing. But a graphic the company developed for this announcement — shown above — is something else entirely, something that is absolutely credible, creative and clever. There is a photo of a Chevrolet Bolt EV driving along a highway, which seems to be in Marin County (based on the blurred San Francisco skyline in the background). Text on the photo states: "It's Time for American Leadership in Zero Emissions Vehicles." It seems to say, in effect, "If we want to make America great again, then we're going to do it by leading in technology, not by retreating behind weakened regulations." General Motors understands that the auto market is globally competitive, and if U.S.-based companies are going to be in the game, then they'd better be able to out-innovate the companies based elsewhere, where emissions and economy standards are not being weakened. What's good for our country ... Related Video:

GM recalls 55,000 trucks, SUVs for separating axles, fuel pump failures

General Motors issued four separate recalls covering eight of its truck and SUV models for issues related to fuel pump and half-shaft failure. In total, the four campaigns include more than 55,000 vehicles spread out over three brands and six model years, but they've sorted themselves neatly into two categories. Let's dive in.  Axle separation Four models are being recalled for potential axle separation: The 2023 Cadillac XT5, 2023 GMC Acadia, 2023 Chevy Blazer and 2023 Chevy Traverse. The number of units affected is incredibly small (10 units each times two recalls, for a total potential population of just 20 cars). In each case, a small number left the factory with half-shaft assemblies that may have been missing the retention rings that keep them in place, possibly allowing the axles to separate or eject from the transmission. In the case of the XT5 and Acadia, it's the right-side axle assembly; Chevy dealers, however, will have to check the left side.  Fuel pump failure Again, we have multiple vehicles being recalled for similar issues, but in this case they're a bit more distinct. The first of these recalls covers the 2021-2022 Chevy Equinox and 2022 GMC Terrain. GM says a supplier-initiated change may have led to fuel pumps shipping with inadequate clearances to allow for the prescribed flow of fuel, meaning the pump could starve the engine. Customers experiencing the issue may see a check engine light and experience engine hesitation. In some cases, the cars may not start at all. Chevy and GMC will replace the units in question with correctly specified pumps.  The second recall covers a fairly specific cross-section of GM's HD truck lines. 2017-2019 Silverado and Sierra HD trucks sold with the diesel engine and a dual-tank configuration may have shipped with a rear fuel pump that is susceptible to fouling by debris, preventing fuel from properly transferring to the front tank, or, in extreme cases, resulting in a collapse of the rear tank. This issue can lead to inaccurate/erratic fuel tank readings, engine hesitation, a check-engine light or failure to start.  In both cases, GM will inspect and replace faulty units free of charge for customers. Expect notifications to be delivered by March.  Related video: Recalls Cadillac Chevrolet GMC Ownership Safety Truck SUV

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.