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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.

Genesis cars win accolades, offer value — so why are sales so bad?

My high-school buddy Brent Cormier was so smitten with the Genesis G80 when he saw it at an event I hosted at SXSW in 2016 he bought a used 2013 Hyundai Genesis a short time later and fell in love with the car. "It surpasses my every expectation," said Cormier, a self-described "renaissance man" who owns and runs a real estate agency with his wife Laura, is a food service executive chef and part owner of Austin-based Thin the Herd Guitars. "I was locked into Mercedes and Audi for 10 years," he added. "And felt trapped in an endless pit of maintenance costs." After owning the Genesis over the past two years — including using it as an Uber and Lyft driver to earn extra cash — Cormier learned what some frugal luxury sedan buyers and a handful of car reviewers have discovered: Genesis offers great bang for the buck compared to other premium brands and can compete with the best in terms of performance, features and comfort. Hyundai's luxury brand also earned a prominent third-party endorsement last week when for the first time Genesis topped J.D. Power's 2018 APEAL study, surpassing German luxury-performance icon Porsche. The APEAL study (which stands for Automotive Performance, Execution and Layout) "measures owners' emotional attachment and level of excitement across 77 attributes," ranging from performance to comfort, and asks nearly 68,000 owners of new 2018 models to score vehicles on a 1,000-point scale. In its second year ranked as a stand-alone brand, Genesis earned an APEAL score that bumped it up 15 points to 884 and helped push it past Porsche — and past BMW, Lincoln, Mercedes-Benz, Audi, Volvo, Cadillac, Land Rover and Lexus, in order of ranking. Last month, Genesis also topped J.D. Power's Initial Quality Survey (IQS) for the first time this year. And both its models were awarded Top Safety Pick Plus ratings by the Insurance Institute for Highway Safety, among 11 Plus ratings in all for Korean vehicles. Despite high J.D. Power rankings and great reviews, Genesis U.S. sales were off 50 percent for the first six months of 2018 compared to 2017, and in June Genesis sold only 796 vehicles — the first time U.S. numbers dropped below 1,000 in a month. Part of Genesis's APEAL and IQS success can be attributed to its small product lineup: just two models, the G80 and G90 sedans, with a third, the 2019 G70, launching later this year. And while those numbers may help in J.D.

Cadillac picks Publicis as new agency of record, continues cutting ties with Campbell Ewald

Cadillac is setting itself up for major changes in the coming years with its decision to hire Johan de Nysschen as the brand's new boss and moving some of the staff to new digs in the trendy SoHo neighborhood of Manhattan. With those two big shifts in place, there's one more on the way with the company's announcement that Publicis Worldwide is now its global creative agency of record, effective immediately. The firm replaces former, long-time General Motors associate Campbell-Ewald; now a portion of Lowe and Partners. "This appointment is designed to accelerate the global expansion and elevation of Cadillac into a truly global luxury brand," said Cadillac Chief Marketing Officer Uwe Ellinghaus in the company's announcement. "We have spent much of this year refocusing on the core values of our brand." Although, some work may remain at Lowe and Partners for now. According to Cadillac spokesperson David Caldwell via email to Autoblog: "The bulk of work makes this shift. It is possible that maybe a small individual smaller project or two might still be handled by Lowe. Not certain yet." The fruit of this new partnership shouldn't take long to mature, either. "We will have substantially new marketing and brand identity work in early 2015." said Caldwell. According to Ad Age, Cadillac's advertising had been handled by Lowe and Partners, Campbell-Ewald in Detroit (now entirely part of Lowe) and Hill Holiday. Caddy had a relationship with the agency since 2013 but has changed firms several times in 2006. GM had a long collaboration with Campbell-Ewald, though. Chevrolet was its partner for nearly a century until the automaker also jumped to Publicis in 2010. The firm was responsible for campaigns like, "The Heartbeat of America", "Like A Rock" and "An American Revolution." Scroll down to read Cadillac's full announcement of the change. Cadillac Appoints Publicis Worldwide 2014-12-04 DETROIT – Cadillac announced today the appointment of Publicis Worldwide as its global creative agency of record. Publicis Worldwide is the largest creative agency of the Publicis Groupe network and its appointment to Cadillac is effective immediately. A fully dedicated team, comprising key managers from Publicis Worldwide, will lead the account and have access to specialist and premium resources within the larger Publicis Groupe.