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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.

2019 Buick Regal to get Avenir luxury treatment

Buick will make the 2019 Regal sedan available in its top-tier Avenir trim, the fourth Buick model to carry the sub-brand name after the Enclave, LaCrosse and the GL8 in China. Buick says the Avenir line is selling faster than other trim levels on both the Enclave and the LaCrosse, and that half of all Regal Sportback buyers are opting for the top trim level, reflecting buyers' demand for more premium midsize cars. "Avenir sales have exceeded our expectations," Phil Brook, vice president of Buick and GMC Marketing, said in a statement. "Buick customers value the exclusive styling, premium features and convenient experience Avenir provides, and we are excited to extend that successful formula to Regal." So what's the Regal Avenir all about? Well, Buick will debut its first cloud-connected infotainment system, bringing embedded apps and enabling owners to set up their own profiles and user preferences for use in things like available navigation and voice-recognition, and carry over that profile to other compatible vehicles. The Avenir will come standard with safety and driver-assist technologies such as rear park assist, rear cross traffic alert, lane-change alert with side blind zone alert, LED headlights with auto leveling, cornering lamps and driver-side auto-dimming mirrors. Advanced adaptive cruise control and other active safety technologies are also available. Inside, there's a "Whisper Beige" theme with ebony accents, diamond quilt-stitched front seats, embroidered first-row headrests and sill plates carrying the Avenir script. An ebony theme is also available. The exterior gets a more dramatic look, with the Avenir 3-D mesh upper grille, script badging on the front doors and 19-inch Pearl Nickel wheels. Under the hood is the Regal's standard 250-horsepower 2.0-liter four-cylinder making 260 pound-feet of torque and mated to a nine-speed automatic. Avenir was the name of a four-door concept Buick unveiled as a surprise in 2015 in Detroit. The next year the company announced it would use the name as a top-tier trim level starting with 2018 Buicks. Pricing for the 2019 Buick Regal Avenir will be announced when it arrives at dealers. Related Video:

GM recalling 1.4 million older vehicles for oil leak fire risk

General Motors is recalling 1,411,332 older vehicles with its 3.8-liter V6 yet again due to a fire risk. Specifically, there are 1,283,340 of them in the US, and the affected models are the: 1997-2004 Pontiac Grand Prix 2000-2004 Chevrolet Impala 1998-1999 Chevrolet Lumina 1998-2004 Chevrolet Monte Carlo 1998-1999 Oldsmobile Intrigue 1997- 2004 Buick Regal The fault with these vehicles is that oil can drip onto the hot exhaust manifold during hard braking, which can potentially cause of fire. In the last six years, there have 19 reported minor injuries from this problem but no crashes or fatalities, according to the company. Spokesperson Alan Adler also told Autoblog: "GM has reports of 1,345 fires in vehicles that were repaired under two previous recalls for this issue." At this time, GM is still developing a remedy for the problem. According to Adler, the company advised owners to park these vehicles outside for the previous recalls. "The cars can be safely driven. In cases where a customer reported an engine fire while driving, smoke was reported, which would be an indication of a malfunction," he said. This is GM's fourth recall for this problem since 2008, according to The Detroit News. At one point it was believed that aging valve cover gaskets allowed the oil to leak out and drip onto the manifold. A campaign in 2009 covered nearly 1.5 million of these models through the 2003 model year for the same issue. At the time, dealers installed new spark plug wire retainers as a fix. Related Video: GM Statement: General Motors is recalling 1,283,340 older sedans and coupes in the U.S. from the 1997 to 2004 model years because drops of oil may be deposited on the hot exhaust manifold through hard braking, which can cause engine compartment fires. GM is working on a remedy. The company is aware of post-repair fires in some vehicles but no crashes or fatalities. There have been 19 reported minor injuries over the last six years. These vehicles with 3.8-liter V6 3800 engines are affected: 1997-2004 Pontiac Grand Prix, 2000-2004 Chevrolet Impala, 1998-1999 Chevrolet Lumina and 1998-2004 Chevrolet Monte Carlo, 1998-1999 Oldsmobile Intrigue and 1997-2004 Buick Regal. Including Canada, Mexico and exports, the total population is 1,411,332.