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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 Canyon's jump seats innovate to keep kids safe [w/video]

We dig simple solutions to problems. There's something highly gratifying about making a minute change to fix something, rather than tearing up the playbook. That's what GMC has done with the new Canyon midsize pickup.
When putting a car seat in, car seat manufacturers require that at least 80 percent of the seat's base fit on the bottom cushion. That's a big problem in extended-cab pickups like the Canyon, which feature jump seats with shorter bottom cushions, in place of the larger, more traditionally designed bench.
The Canyon gets around this with extendable jump seats - simply pop out the headrest and slot it into the bottom seat cushion, and the truck can now easily accommodate a child's seat.

2013 GMC Acadia Denali

Refreshed, Not Refreshing
I'm probably ill-suited to accurately and fairly take the full measure of a vehicle like the 2013 GMC Acadia Denali. This is a machine conjured around the express notion of corralling and then herding a brood of rafter-swinging hatchlings to and fro in relative comfort, and with no such passel of wee Bowmans to call my own, it's difficult to give this rig a fair shake. While I can certainly weigh cargo capacity, legroom and fuel economy stats with the best of them, I'd be lying to your face if I said the word "crossover" didn't urge some uncontrollable Pavlovian recoil from the murky recesses of my frame. To put it simply, I just can't stand the damn things.
As a rule, the segment is built on a bed of compromise. Manufacturers love nothing more than to spin up a tired yarn about the virtues of this particular neck of the market. We're told the crossbreeds deliver all the ride quality, driving dynamics and fuel economy of a car married with the seating position, capability and interior volume of the SUV set. That all sounds as swell as a sunset, but as the 2013 Acadia Denali so artfully illustrates, the advertising on the box is rarely congruous with the prize inside. Even with an imaginary squad of younglings at my heels, the refreshed luxury crossover doesn't quite manage to scratch the promised itches.