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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.

NC dealer falsely announces return of Regal Grand National, Regal GNX

Like many new car dealers, Liberty Buick GMC gets so excited about its brands' new wares that it puts out press releases announcing when new models are on the way. That's not typically national news, but the Charlotte, NC store has created a bit of internet hubbub by announcing that it will be "one of the first dealers in the country to offer the Buick Regal GNX," and it's even started to add customers names to a waitlist. Only one problem: Despite seemingly annual rumors and calls for such a model, Buick hasn't announced any Grand National models at all – let alone a GNX – and no such models are actually in the cards. The Liberty Buick press release talks in a nostalgic, venerative tone of the original 1982-1987 GN franchise, and goes on to say: "These returning relics will be based on the highly-acclaimed Alpha vehicle architecture currently used in the Cadillac ATS, 2014 Cadillac CTS, and soon to be in the sixth-generation Chevy Camaro. Alpha is the internal name of a General Motors vehicle architecture engineered to underpin compact and mid-size rear-wheel-drive vehicles." In the release, Liberty Buick claimed the GN/GNX models would arrive in late 2015, citing a coupe bodystyle, including a rather fantastical-looking GNX rendering from Bestride.com. Unsurprisingly, none of this is true. Autoblog reached out to Buick for comment about the release, and brand communications manager Nick Richards confirmed that the company had discussed the matter with Liberty Buick representatives. Richards went on to say that the release was wholly incorrect, proclaiming "an agency [for the dealer] picked up a lot of stuff off the internet" and ran with it, including an old Car and Driver story from 2013. The dealership subsequently issued a retraction, with Scott McCorkle, owner of Liberty Buick GMC saying: "We love the idea of the Buick Regal GNX coming back to our showroom but for now, it's only a concept. Bottom-line, the article was incorrect.

Opel to electrify all model lines by 2024, speeding PSA transition

What do you see in the Opel logo? That's right, a lightning bolt. As the German automaker dramatically restructures its future plans, electric cars are in the core of Opel's survival. With attempts to stop leaking money, Opel is speeding up its secession from GM technology, launching nine new models by 2020 with the aim to complete transition to PSA hardware by 2024, leaving only two Opel platforms. This is all part of Opel's freshly announced PACE turnaround plan, which is crucial for the company's survival, according to CEO Michael Lohscheller. "PACE will unleash our full potential. This plan is paramount for the company, to protect our employees against headwinds and turn Opel/Vauxhall into a sustainable, profitable, electrified, and global company," says Lohscheller. Competitiveness will be improved by reducing per-car costs by 700 euros, and by cutting marketing costs by 10 percent. Regarding Vauxhall's future, the statement still includes the British brand. When the Opel sale agreement was reached between PSA and GM in March, the plan was to start implementing PSA technology in 2019, completing the transition in eight years, as Automotive News says. The new business plan is noticeably faster. By 2020, with full access to PSA's electric tech, Opel would have a fully electric next-generation Corsa hatchback and a PHEV version of the Grandland X SUV, which is already based on Peugeot's 3008 model. Currently, there are nine Opel platforms and 10 engine families. By 2024 there should be two platforms and four powertrains; the number of diesel engines in use remains to be seen, and all product lines would include an electrified model. There would be an SUV and a midsize vehicle based on PSA's EMP2 architecture, with the former built in Eisenach — formerly known as the town that built East German Wartburg cars before its Opel era — and the latter built in Russelsheim, where Opel HQ is located. The Russelsheim hub will become PSA's global "competence center," where all Opel/Vauxhall vehicles would be engineered — not Paris. Plans include avoiding any factory closures or personnel layoffs. The PACE statement also mentions Opel's entrance to all of 20 new export markets, with a specific mention of China and Brazil, countries which have traditionally seen Opels sold as Chevrolets. Will the United States be included in that export plan?