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Recharge Wrap-up: EVs poll well in Portland, Tesla seeks office space

In a poll of drivers in Portland, more than 80 percent said they would be driving an EV in the next 10 years if they weren't already. The poll was small and not scientific, with just 218 votes cast, but it does reflect a slice of a certain population with changing attitudes toward electric mobility, and 80 percent is an impressive figure. Additionally, 43 percent of respondents planned to have an EV in the next five years, and only 18 percent said they prefer gasoline-powered vehicles. With EVs in many ways repeating the adoption process that hybrids went through a decade ago, the five- or ten-year timeframe for more widespread use seems only natural. Read more at the Portland Business Journal. San Francisco Mayor Ed Lee parks like an idiot, or rather, his security detail does. His Chevrolet Volt has been ticketed for parking six times since he took office. Granted, those street-sweeping signs are tough to keep track of, but his car has been photographed blocking at a bus stop while grabbing a burrito (who hasn't sinned in the name of a delicious burrito?), and was even caught parked in a crosswalk. The tickets were all dismissed. Read more from the SF Gate. Tesla is looking for office space in Silicon Valley. As the electric car company continues to search for a place to build its $4- to $5-billion battery Gigafactory, it also needs some real estate to expand its operations near its Palo Alto home. Tesla has expanded from 3,000 to 6,000 California-based employees since the end of 2012, and plans to add 500 more by the end of the year. It is currently looking for 200,000 to 300,000 square feet of office space close to its Fremont factory, according to sources in the real estate industry. Read more at the Silicon Valley Business Journal. Related Gallery 2014 Chevrolet Volt View 11 Photos News Source: Portland Business Journal, SF Gate, Silicon Valley Business JournalImage Credit: Paul Sakuma / AP Green Chevrolet Tesla Electric recharge wrapup portland silicon valley parking ticket

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.

GM recalls 8,500 Chevrolet Malibu models for rear suspension glitch

According to a letter from General Motors to the National Highway Traffic Safety Administration, flaws in the build process of the 2013 Chevrolet Malibu have led to the recall of 8,519 cars. Units built between December 6, 2011 and January 15, 2013 may have been assembled with rear suspension cradles that had insufficient torque applied to certain bolts. That out-of-spec assembly could lead to issues ranging from slight noises to a loss of vehicle control.
The problem was first noticed in December of last year by a GM test fleet driver and eventually tracked back to the improperly torqued bolts on the suspension cradle assembled through July 2012 by a supplier located not too far from the Malibu's Detroit/Hamtramck Assembly Plant. Since an official NHTSA recall notice has not been issued yet, it isn't clear whether or not Detroit-built Malibus were the only ones affected (the 2013 Malibu is also built at GM's Fairfax Assembly Plant in Kansas City, Kansas). Dealers will fix the problem by inspecting vehicles for proper torque specs, retightening if not within specs and, in some cases, perform a rear-wheel alignment.