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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.

Man trapped in Cadillac XLR for 14 hours after battery dies

A 75-year old Cleveland man ended up trapped in his 2006 Cadillac XLR for 14 hours last month, according to a story reported by the Detroit Free Press. The owner of the car, Peter Pyros, hopped into his roadster to back out onto his driveway, but he quickly learned that the battery was dead. He was "trapped" because the doors use an electric button to activate the door latch to open the door. Since the battery was dead, the buttons did nothing. Now, GM planned for an eventuality like this by placing a manual door release handle on the ground next to the seat. It's marked with a red diagram of the driver-side door opening. There's also a section about it in the owner's manual. The only problem here, was that Pyros says he didn't know the release was there, and he didn't have his owner's manual in the car. Because of this, Pyros may not have made it out alive if not for a neighbor coming to his rescue. "I came to the conclusion that I was going to die ... I was at peace with it. I asked God to help me twice, then I said, 'OK, God if this is the way I'm supposed to die, I will die,'" Pyros said to reporters. There's every chance he could have died in the car, too. Temperatures in Cleveland hit 77 degrees the day he was in the car, and he said it was unbearably hot and difficult to breathe after only 30 minutes sealed inside. Pyros reportedly tried yelling, pounding on and even trying to break the car's windows without success. At one point, Pyros wrote a note to his nephew explaining what happened if he ended up dying. What eventually saved him was a curious neighbor who came to investigate after he noticed his garage door was still open late at night. His neighbor called the police after he found him in the car, and emergency personnel actually ended up charging his car's battery up enough to get the electric door release to work. Of course, after everything settled down, there are now lawyers involved. They're going after GM, with an argument accusing the automaker of not making the emergency latch more obvious both in the car and in the owner's manual. GM doesn't appear to be having any of it. Here's its statement on the matter: "Because this varies by make and model, drivers should review the door lock section of their owner's manual, and follow up with their dealer or customer assistance center if they have any questions," GM spokesman Tom Wilkinson wrote to the Free Press. This type of door release isn't particularly uncommon for GM vehicles.

2021 Cadillac XT5 Review | What's new, prices, fuel economy, pictures

The 2021 Cadillac XT5 plays in what’s become the most popular of all luxury segments: two-row crossovers. It does so with typical Cadillac nebulousness, straddling the line between size segments with the promise of getting more for your money than what the Germans might offer. And while it is cheaper than much of the midsized competition, you lose out in other areas. Style is always subjective, but inside and out, we find most of its competitors from Germany and elsewhere more compelling. The blacked-out Sport trim adds a bit of pizazz, but nothing about the design is memorable. WeÂ’re less than enamored with the powertrain options, too. The base four-cylinder is refined but less powerful than what competitors offer, while the V6 is hardly much of a performance upgrade and is shared with multiple non-luxury GM vehicles to boot. Some of the available tech is enticing at this price point, but an uninspired interior and lackluster drive experience would have us recommending many of the XT5Â’s rivals over it, regardless of which segment they belong. WhatÂ’s new for 2021? The XT5 sees minor updates for 2021. It gains wireless Apple CarPlay and wireless Android Auto functionality. Dark Moon Blue Metallic and Infrared Tintcoat are added to the exterior color options. Finally, new 20-inch dark-painted wheels are added as optional on Sport models. Cadillac gave the XT5 a mid-cycle refresh last year, and you can find those 2020 changes here. 2021 Cadillac XT5 Sport View 21 Photos What are the XT5 interior and in-car technology like? Similar to the exterior design, the interior is rather forgettable. ItÂ’s covered in leatherette most places you look and touch (though much of it can be swapped to genuine leather with the Platinum Package). The styling comes off as old and uninspired (and has since this generation was brand new). ThereÂ’s a mix of the typical GM corporate plastic and Cadillac-specific glossy bits, but the ratio doesnÂ’t seem right. And then thereÂ’s a splash of metal tossed in for the climate controls that are frustratingly slow to respond. Done up in the right color upholstery (available on upper trims), thereÂ’s a touch of intrigue with the extensive use of leather-look or real leather facing the occupants.