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GMC Hummer EV hits Neiman Marcus Christmas catalog for twice the price

This winter season, Nieman Marcus is getting into the true meaning of Christmas by offering a bunch of seriously expensive stuff in its annual holiday catalog. There's usually at least one automotive offering, and this year it's a 2022 GMC Hummer EV Edition 1 for an eye-watering $285,000. That's $172,405 more than the regular Edition 1 crab-walker, which is priced by GMC at $112,595. And what does one get for more than 2.5 times the cost of the most expensive electric Hummer? Well, hold your 1,000 horses, because this isn't just any Hummer EV Edition 1. No, it's a one-off Barrett-Jackson Hummer EV Edition 1. The interior of this Barrett-Jackson edition Hummer has been "curated" by Craig Jackson himself. And by curated, they mean it has a bunch of red trim everywhere and is garnished with a Neiman Marcus logo. Aside from that, there is nothing appreciably different about it. No performance upgrades, no special paint job. You do get an electric charging station at home, though, which might be the most useful addition to this whole enterprise. If that's not worth the price of an entire 1.5 extra Hummers to you, there's more. You get two VIP passes for the opening gala of the Barrett-Jackson auctions in exotic Scottsdale, Ariz. During the auction, you'll get access for two to Carolyn and Craig Jackson's personal skybox from where you can watch 1,500 cars trade hands. But don't get too comfy, because at some point you'll be invited on stage to receive your Hummer EV in front of a gaggle of inebriated fishing boat dealership owners. Oh, and you'll also get to bang the little auction hammer. You can pair the Hummer with other gifts in Nieman Marcus' "fantasy" catalog, like a $6.1 million dollar diamond ring. However, if you go with the $395,000 Great Gatsby-style roaring '20s party, make sure it doesn't end with the 9,000-pound Hummer Daisy Buchanan-ing any bystanders. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

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.

GM recalling 54k Cadillac SRX, HD pickup models

There are more recalls to report General Motors, but these latest actions pertain to newer examples of the Cadillac SRX, Chevrolet Silverado HD and GMC Sierra HD. With so much scrutiny on the company's recall strategy, GM is under increasing pressure to call in defective models more quickly, and it appears to be doing so here.
Here in the US, the automaker is recalling 50,571 Cadillac SRX crossovers from the 2013 model year fitted with the 3.6-liter V6 because the transmission control module programming can cause a three- or four-second lag in acceleration at low speeds. The explanation filed with the National Highway Traffic Safety Administration states, "if the following sequence occurs within two seconds: during an upshift from first to second gear (8-10 mph), the driver then brakes the vehicle to less than 5 mph, and then accelerates again," the delay can occur. According to Automotive News, the recall effects 56,400 vehicles worldwide, and the company is not aware of any crashes caused by the problem. The fix consists of a transmission control module (TCM) reflash.
In a separate recall, GM is repairing 51 Chevrolet Silverado HD and GMC Sierra HD pickups from the 2015 model year in the US. In vehicles with diesel engines and dual fuel tanks, the nuts that connect the fuel pipe to each side of the transfer pump between the tanks may be improperly torqued, which could cause a fuel leak. Obviously, this could be a fire hazard. The remedy is simply tightening the hardware. According to GM spokesperson Alan Adler, there have been no fires actually caused by the potential leak. "Only 21 of the trucks are in customer possession and they can be fixed anytime because there are no parts involved. The others are being fixed at dealerships," Adler said in an email to Autoblog.