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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.

Cadillac to ditch China-only LWB models for global 'right size'

We often think of Buick being General Motors' poster child in China, but would it surprise you to hear that Cadillac is just doing a bang-up job in the People's Republic? It's true, the Standard of the World is on fire, and it's doing so with a surprising group of buyers that are going to push through globe-spanning changes for the brand. Cadillac's average buyer age in the People's Republic of China is just 34. Yes, younger buyers dominate the Chinese market, but according to Reuters, Cadillac's young buyers want to drive and they don't want the typical businessman's German-badged sedan. Cadillac understands this, and is setting about to exploit it with a shift in its Chinese strategy. According to President Johan de Nysschen, the company will begin moving away from the China-only, long-wheelbase models, like the ATS-L. Instead, it will push for a global "right size" design, along with some stylistic changes. "You will see a softening of some of the hard edges, and more three-dimension styling on the side of the car," de Nysschen told Reuters, while noting that the cars will still be "instantly recognizable as Cadillac." Even without these changes, though, Cadillac has bucked the trend in China. At 17 percent, the company's sales exceeded the PRC's overall market growth of 7.3 percent by a significant margin. In fact, Cadillac's 2015 gains outpaced the overall market growth in China over the past three years, as the brand jumped to nearly 80,000 units. And the company is hoping to push that even higher, Reuters reports, with President Johan de Nysschen targeting a 25-percent increase in 2016. Related Video:

Cadillac's Super Cruise — look, Elon, no hands!

Cadillac is about to start selling vehicles with an autonomous driving mode and TechCrunch got an early look at the technology in a production car. "Wait for the green light and let go," the Cadillac engineer instructed. That's it. The car was driving itself. I, the person behind the steering wheel, was no longer the driver. Cadillac's Super Cruise system was driving. The 2018 Cadillac CT6 sped along U.S. 23 under the direction of Super Cruise. Traffic was light and the weather was perfect. The system held the Cadillac sedan in lane and responded appropriately to traffic. I spent an hour on the expressway and touched the steering wheel and pedals only a few times. Super Cruise made the drive boring. I think that's the point. Here's how it works Super Cruise is available once the driver navigates the vehicle onto an expressway. When ready, a little icon is displayed by the speedometer and the driver hits a button on the steering wheel to switch it on. Once the light bar on top of the steering wheel turns green, the driver can let go. Super Cruise is driving.This steering wheel light bar is key to the operation. When green, the driver knows Super Cruise is in control. Blue means the driver interrupted the system to change lanes and red means Super Cruise needs the driver to confirm they're paying attention and not checking Twitter. When active, Super Cruise controls the steering and speed, but again, only on an expressway. This is done through onboard sensors and using GPS and mapping data. GM employed GeoDigital, a startup in GM Venture's portfolio, to map 160,000 miles of expressways in the U.S. and Canada. The car company then used Super Cruise-equipped vehicles to test each mile. This combination of onboard systems combined with map data makes the system feel polished and sophisticated. During my admittedly limited time in the vehicle, the CT6 precisely held its position in the lane and confidently handled sweeping curves at speed. There was no wiggling or squirming — from the Cadillac or myself. The car was in control, and I felt safe. Although the driving conditions were perfect for my test ride, during adverse weather, the system will work normally until one of the key systems is unable to operate.