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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.

GMC says it's 'considering' an all-electric Sierra pickup

GM loves to talk about its electric future — Cadillac was just announced as the brand's official electric division — but trucks haven't been mentioned as a part of this electric revolution, so far. However, that may be changing. CNBC spoke with Duncan Aldred, vice president of GMC about the potential for an electric GMC Sierra. He replied, "Certainly, it's something we're considering." As the Sierra goes, so does the Chevrolet Silverado, and vice versa. But it would make sense for GM to introduce electrification to GMC first, followed by the Silverado. GMC already gets premium features such as the Multi-Pro tailgate are GMC exclusives, after all. It's also marketed as more high-end and premium, which could help make the cost of an electrified Sierra easier to recoup for GM, and easier to stomach for customers. This electric truck consideration could be in response to Ford's aggressive declaration of an electric F-150 the other day, as well as the electric concept trucks from Rivian and Bollinger. The concepts in particular have generated much excitement for their ridiculous claimed performance and shocking utility. If GMC is only "considering" it, then we imagine the brand isn't too far along the development path, if it's even started. Regardless, it's the most affirmative stance we've seen GM take on total electrification of a full-size pickup truck yet. We asked GMC for confirmation and for any clarification it could provide us on the Sierra's electric future, but a spokesperson responded with, "no comment." Related video:

2019 GMC Sierra shows off new headlights in Los Angeles

Despite being just three weeks in to 2018, it's not too early to dub this the year of the truck. At last week's Detroit Auto Show, we saw the debuts of the 2019 Chevy Silverado, 2019 Ram 1500 and the return of the 2019 Ford Ranger. As with every new Silverado, a sister vehicle follows from GMC. Just take a look at these new spy shots of the 2019 GMC Sierra 1500. These photos were taken out in Los Angeles, presumably for some warm weather testing outside of Michigan. At the Silverado's debut, GM VP Mark Reuss said there would be a significant difference between the Silverado and Sierra with this new generation. The grille on the Sierra appears to be far more upright and rectangular, contrasting the rounded look of the new Silverado. The headlights are larger and more upright. The same goes for the foglights. The profile and rear look fairly similar, though the fenders on the Sierra are more squared off. While we don't know what will rest under the Sierra's hood, expect it to share powertrains with the Silverado. That would mean updated versions of the 5.3-liter V8 and 6.2-liter V8 would be joined by 3.0-liter inline-six diesel. Look for the new Sierra as soon as the Chicago Auto Show next month. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Featured Gallery 2019 GMC Sierra spy shots Image Credit: Brian Williams Design/Style Spy Photos GM GMC Truck gmc sierra 1500