1973 Red Runs Drive Very Good Body Interior 500v8! on 2040-cars

Auto blog

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 CT6 styling will be evolutionary, not like Elmiraj

Well, this is at least a little disappointing. It turns out Cadillac's long-awaited flagship, the CT6, won't be ushering in a wholesale change in the company's design. That's coming from GM Design guru Ed Welburn, meaning it should be taken as gospel (unless of course he's just trying to hoodwink us). "It'll be different and it will certainly stand out in the portfolio," Welburn told Automotive News. "But you won't see a real shift in direction." Instead, Art and Science will be shown in yet another new form, and will "continue to evolve," according to Welburn, although what that means is unclear. What we can say for certain, though, is that Art and Science on the CT6 will not evolve into the stunning Elmiraj Concept. "I think Elmiraj was more of an influence on some other things we're working on for Cadillac," Welburn said, we're guessing with a smirk and an air of mystery. Considering we have yet to see the CT6, it's hard to tell whether this will be good news or bad, although based on the critical reception to the Elmiraj, we're a little bit disappointed by Welburn's statements. Still, only time will tell whether the styling of the CT6 will really work out.

eBay Find of the Day: Ryan Gosling Eldorado from Lost River

What's better than a car connected to Ryan Gosling? A car connected to Ryan Gosling and Matt Smith (the eleventh Doctor Who for our less nerdy readers). This 1966 Cadillac Eldorado convertible is driven by Smith in Lost River, Gosling's directorial debut. The movie was filmed in Detroit, with plenty of footage at the Packard factory, and the car is located in the nearby enclave of Hamtramck. Truth be told, this car has questionable star appeal and it needs a lot of work. Lost River currently holds a 20% fresh rating on Rotten Tomatoes. I've never seen an episode of any Doctor Who – a fact that amazes Seyth Miersma. And while I agree with Kroll Show character Wendell Shawn that Gosling is a "beautiful idiot," that's not enough for me to buy a car with an exhaust leak. The body on this Eldorado looks clean, but there is plenty of restoration work for the next owner. The listing states that most of the exterior and trim needs to be installed, and the front seats are in rough shape. Other details are vague – the carburetor "might need to be rebuilt" and the radiator and fan "may need to be replaced" but neither statements explain why. On the upside, the 340 horsepower (gross rating), 429 cubic inch V8 runs well. Reserve is not met at the current price of $4,000, but this could be a chance to get a classic '60's convertible for cheap. Featured Gallery eBay 1966 Cadilac Eldorado View 18 Photos News Source: eBay Celebrities TV/Movies Cadillac Auctions ebay Find of the Day celebrity ryan gosling