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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.

Buick will cease using ‘Buick’ badge on vehicles from 2019

GM Authority recognized that the recently unveiled 2019 Buick Envision is missing something: a " Buick" badge on the left side of the tailgate. Every other vehicle the carmaker sells features that script, but not the new mid-sized crossover. When the site asked about the omission, "representatives recently told GM Authority that Buick will stop using the brand badge on the rear of its vehicles, starting with the 2019 model year." The only identifiers that will remain are the three-color Tri Shield logo and the model nameplate, i.e., "Envision" or " Regal." It's a bold game for a mass-market major automaker, though Audi, Hyundai and Volkswagen follow the same trend. Even Bugatti, Rolls-Royce, Bentley, and Aston Martin affix their brand names to their vehicles within company icons or on brake calipers, albeit in small fonts. The coming Continental will wear the word "Bentley" across its trunk, silverware the present Continental does without. Porsche allows customers to delete model designations, but it must be requested. At the other end of the spectrum, the Ford Mustang Bullitt wears zero badges, but the Bullitt is a special edition of a well known model that otherwise advertises its provenance everywhere. Buick plays in hard-fought segments where mass appeal overrules instantly-identifiable design daring. Those kinds of carmakers usually want to take every opportunity to advertise every sale. Remember the last Buick to go without a make badge? The terrifically handsome Buick Avista concept that wore only two Tri Shield logos and its model name on the decklid. Perhaps that gave Buick some ideas. If the carmaker plans to start putting out cars like the Avista, then this move makes perfect sense. Update: A commenter pointed out that Hyundai vehicles don't have "Hyundai" badges, only the "Flying H." We've thought of some other brands/models, too. So Buick has mass-market company. Related Video:

Jay Leno recaps Pebble Beach

Each year at the Pebble Beach Concours d'Elegance the picturesque, ocean-side setting of the golf course becomes a parking lot for a vast array of multi-million dollar vehicles. However, if you missed the posh event this year, then Jay Leno has you covered yet again. For a nearly hour-long installment of Jay Leno's Garage, the comedian has dumped his denim in favor of a suit to take viewers on an insider tour of the lavish gathering. He interviewed some of the most talented designers in the auto industry, too. Leno starts off checking out a few beautiful classics by the shore, but things really get interesting for his stroll down the Concept Car Lawn for a scoop on the vehicles of tomorrow. Ed Welburn tells Leno all about the Buick Avenir, and Shiro Nakamura offers a tour of the Infiniti Q60. Plus, there are detailed looks at the Lincoln Continental, Hyundai Vision G Coupe, and Bentley EXP 10 Speed 6. News Source: Jay Leno's Garage via YouTube Bentley Buick Hyundai Infiniti Lincoln McLaren Classics Videos Pebble Beach Jay Lenos Garage infiniti q60 buick avenir bentley exp 10 speed 6