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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.

The new Buick Regal looks like a Mazda, and we're totally cool with that

Yes, this undisguised Opel Insignia, which will be brought here as the next Buick Regal, looks a lot like a Mazda. You can see it in the grille and headlights, especially – in fact, if you look at one of the photos with tape blocking out the badge in the middle of the winged grille, you might think this is a new Mazda6. The thing is, Mazdas look pretty darn good, so no one's complaining. And when you look at the rest of the car, there's a fair amount of originality going on. Aside from the GM-generic taillights (they look like they could fit on a Chevy, right?) the lines and details are all pretty fresh, and there are some design elements pulled from Buick's gorgeous Avista concept. A sweeping roofline leads to some healthy shoulders at the back, creating a coupe-ish profile with a very abbreviated rear deck. This appears to be a hatchback model and not the four-door sedan, but the general look should carry over. This is definitely a big improvement over the somewhat bulbous current-generation Regal, which also started life out as an Insignia. The car shown here is the Insignia OPC model, with Brembo brakes, big wheels, side skirts, and a front end with big (likely fake) intakes. It will most likely translate to a Regal GS for our market, as is the case with the current OPC and GS. The new Regal/Insignia is expected to use the same platform as the new Buick LaCrosse, which is also shared by the Chevy Malibu and Impala. They should once again be available with front- or all-wheel drive and a choice of turbocharged four-cylinder engines. Rumor has the Opel versions debuting at the Geneva show March, and the Buick would likely follow, possibly in New York in April. View 13 Photos And then there's the wagon. All signs point to Buick finally bringing the most practical Insignia to our market as a Regal. We got wind of a focus group testing the idea, Buick has trademarked the name Regal Tour X. That version would likely go up against the Audi Allroad in the classy, slightly lifted all-wheel-drive wagon category, basically acting as an almost-crossover for people who want a wagon but won't admit it to themselves. The Insignia wagon caught here is also an OPC, and we think it looks even more handsome than the hatch-sedan shown above. The trim piece stretching from the base of the A-pillar all the way up and back down to the tail is a nice touch in profile view, although we're not so sure about how it terminates abruptly at the taillight.

The importance of Angel Eyes, Ventiports and four round taillights

Just the other day, we told you about how Lincoln isn't really a luxury brand, according to Ford's head design man, J Mays. His argument was that Lincoln lacked the unique DNA to differentiate it from the rest of the market, although the arrival of the MKZ is beginning to change that. Now, we have this video from Autoline Detroit, where Jim Hall, an analyst for 2953 Analytics who was quoted in yesterday's Lincoln story, explains the influence of certain styling cues and how they impact the brands.
Using BMW (Angel Eyes) and Buick (Ventiports) as examples for small, simple touches that serve to distinguish the brand's vehicles on the road, Hall then points out how changing trademark styling features, as Chevrolet has done on the new Corvette Stingray, can hurt the vehicle's public perception. Take a look at the full video below for an interesting dive into what these styling features mean to their individual brands.