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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 Rear Camera Mirror | 2017 Autoblog Technology of the Year Finalist

We give Cadillac a lot of credit for being the first to make good on the promise to replace mirrors with cameras and displays. That was good enough to earn the Cadillac Rear Camera Mirror a place on our 2017 Technology of the Year awards shortlist for new features. The idea behind this system is relatively simple; what perhaps took more doing was getting the regulations in place to allow a video feed to replace the government-mandated mirror. The hardware and that rules compliance starts with what looks like a normal rearview mirror – because it defaults to being a mirror until you switch on the display or in the event the system somehow fails. Flip the little toggle at the bottom of the mirror – the one normally used to switch from day to night mode – and the reflection is replaced by a very crisp feed from a camera at the back of the vehicle. This live stream gives you a wide-angle view of what's behind, without obstruction from back-seat passengers, headrests, or any bodywork. The camera is even shielded from weather and has a coating to shed water. What you see doesn't exactly look like a normal reflection, but the quality is good enough and you see more than you would normally with something aimed through today's small rear windows. But because it isn't actually a reflection, you have to make some adjustments. When your eyes are focused down the road, glancing at a mirror gives you a view the same distance away but in the rear. With the rear camera mirror, a glance back requires your eyes to first refocus on the display, which takes a moment. And unlike a normal mirror, which you look through at an angle, this display is angled toward the driver but projecting an image that looks straight back – no matter how you move it, the image doesn't change like a mirror's would. And because it's an image and not a reflection, you can't choose what's in focus and lose your sense of depth perception. It's not clear whether objects in mirror are closer or farther than they appear. And there are other limitations. For instance, while the display balances bright lights and dark surroundings well at night, it is tricked by LED headlights, which flicker at a rate faster than the camera shoots. The result is a distracting strobe effect like you get when you point a smartphone camera at any LED light source. For those with migraine sensitivity, this kind of fast flashing can cause real problems.

Cadillac reveals stretched ATS-L in China

In the market for a new Cadillac, but need more space than an ATS can afford? Then you'll want to look at the larger CTS. Unless you live in China, where buyers - often chauffeured instead of driving themselves - seem to prefer a long-wheelbase version of a smaller sedan than upgrading to a larger one. For those buyers, Cadillac has released the new ATS-L.
Based on the existing ATS sports sedan, the ATS-L offers an extra 3.3 inches of rear legroom over the model we get here. As a result, the ATS-L stretches its wheelbase to 112.5 inches and its overall length to 186 inches, while riding a quarter-inch lower than the standard-wheelbase model, which itself was recently updated. That places its length in between the regular ATS and the CTS available Stateside.
Otherwise it's essentially the same sedan, but appears to ditch the base 2.0-liter four to offer either the 2.0-liter turbo four or 3.6-liter V6. Of course this model, produced locally for the Chinese market, isn't likely to make the transpacific voyage to US showrooms, so American buyers will still have to choose between the standard ATS, the larger CTS or the even larger XTS.