2002 Buick Lesabre Limited on 2040-cars

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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.

Junkyard Gem: 1985 Buick Somerset Regal Limited

The Oldsmobile, Buick and Cadillac divisions of The General's mighty army got serious about their attempts to compete with futuristic and stylish German and Japanese coupes during the second half of the 1980s, with cars such as the Cadillac Allante, Oldsmobile Toronado Trofeo, and Buick Reatta. They featured edgy styling, wild digital dashes, and other interesting gadgetry. Before them, however, came the Buick Somerset. Built for the 1985 through 1987 model years, only the '85s were badged as Somerset Regals. Here's one of those ultra-rare cars, spotted in a San Francisco Bay Area self-service wrecking yard. This badging confused many Buick shoppers at the time, because the 1985 Regal was a "traditional" midsize rear-wheel-drive car, based on the increasingly antiquated G-Body platform, and the Somerset Regal was an N-Body front-wheel-drive compact. For 1985 and 1986, the car became the Buick Somerset. The interior is your standard Whorehouse Red velour, a theme used by everybody from Nissan to Chrysler during the 1985-1995 period. This cloth looks pretty nice for a car from sunny California. Digital dashes became very trendy during this period, with Mitsubishi, Subaru, Nissan, and even Toyota getting into the act during the first part of the decade, and everyone else jumping on the bandwagon a bit later. The radio face went into this weird pod perched over the HVAC controls, which looked like something from the Mars Base and made aftermarket audio-system installation nearly impossible. The factory cassette deck, if desired, had to go elsewhere in the console. The base engine in the Somerset Regal was the decidedly un-European Iron Duke four-cylinder with 92 horsepower, but this car has the optional 120-horse 3.0-liter V6. In theory, a 5-speed manual transmission was available, but I'm guessing that the quantity of so-equipped Somerset Regals was numbered in the high dozens. There's plenty of hard red plastic and fake wood inside, of course. Base price on a V6 Somerset Regal Limited came to $10,026 (about $24,000 in 2018 dollars). Meanwhile, a Pontiac Grand Am LE with the 3.0 V6 was nearly the same car and listed at $8,970. If you wanted even crazier electronics and an interior that looked like something out of a jet fighter, the 1985 Subaru XT GL had a $9,899 price tag. Give me savvy. Give me cool. Give me a car that breaks all the rules. Give me the look. Give me the feel. Give me the magic. Give me the wheel.

Volvo and GM team with Amazon for in-car deliveries

Volvo and GM are the first automakers to pair their vehicles with a new service from Amazon that lets owners have their packages delivered inside their cars, without them having to be there. The service will initially be rolled out in 37 U.S. cities at no extra charge to Amazon Prime members with a Volvo On Call or OnStar account, and it works with same-day, two-day and standard shipping. It's intended as an alternative for people who don't want to risk having their package stolen from their front porch or receive deliveries at their workplace, and both automakers say it's an example of how they're embracing innovation as a way to make their customers' lives easier. Volvo released a video (above) showing how the service works. Users download the Amazon Key App (or " Ama-zin," as the narrator pronounces it) and link their Amazon Prime account with their Volvo On Call account — or OnStar, in the case of GM-branded vehicles. Once they register their delivery location in a publicly accessible location, users can select the "In-Car" option at checkout. They get a notification when the delivery is en route and once it's completed and the car is relocked. Volvo has been offering in-car delivery in certain European countries since 2015 through its Volvo On Call platform, which enables services like the ability to send calendar-based navigation destinations directly to the vehicle, find nearby gas stations and help locate the vehicle when you forget where you parked it. Volvo says the platform is now available in roughly 50 countries and covers more than 90 percent of its global sales. The service is compatible with 2015 or newer Volvo, Buick, Cadillac, Chevrolet and GMC vehicles. Volvo says it's available to the majority of Volvo owners, while GM says more than 7 million vehicle owners can qualify. The service is expected to roll out to more cities later. You can check eligibility at amazon.com/keyincar. Related Video: Buick Cadillac Chevrolet GM GMC Volvo Technology Infotainment Amazon connected car volvo on call e-commerce