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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.

How GM engineers are using diaper 'snow' to keep you warm

Testing how snow affects General Motors' vehicles isn't really a problem right now for the company's engineers, but in the dog days of summer the process isn't exactly easy. The only real option is for them to book time at the automaker's climatic wind tunnel. However, a flash of brilliance from an engineer allows snow to be simulated regardless of the temperature outside, and the discovery is all because of his daughter's wet diaper. The realization came to GM Thermal Systems engineer Nicholas Jahn while he was swimming with his daughter and noticed how her diaper ballooned in size in the water. He found out the substance that makes this possible is called sodium polyacrylate. When the material gets wet it grows and forms fluffy flakes that are a close imitation of snow. Best of all, the stuff can be prepared easily any time of the year, and it's reusable. The engineering team uses the material to test the effectiveness of the heating systems of GM's vehicles. They spread the sodium polyacrylate over the inlets at the base of the windshield to obstruct the airflow and then crank the heater. After some time, they can see how much is being sucked into the system and design more efficient systems in the future. See how the process works in the video above and read about the diaper discovery in GM's press release below. Diapers Change Chevy Cruze Winter Warm-up Time GM validation engineer uses diaper material "snow" to reduce frigid drives 2015-01-06 DETROIT – An item commonly found on an infant's changing table is helping General Motors' engineers simulate snow year round, ensuring heating systems in cars like the 2015 Chevrolet Cruze can quickly and efficiently warm its interior. Packed snow can prevent air from entering the inlet panel at the bottom of the windshield, obstructing the flow of air into the heating system and reducing the amount of air it can push out. This can lead to less efficient warming of the car's interior and windshield defrosting. "The last thing anyone wants to do when it's freezing cold out is scrape their windshield," said Nicholas Jahn, GM Vehicle Thermal Systems engineer. "The testing we perform on the Chevrolet Cruze with the diaper material allows us to maximize the car's heating capabilities." Ironically, Jahn stumbled upon his diaper-based testing method in the middle of summer. During a swim with his daughter, he noticed her diaper multiplied in size when it came into contact with water.

Autoblog Minute: 2017 Ford F-Series Super Duty truck reveal

Competition in the heavy duty truck segment heats up as we get our first look at the 2017 Ford F-Series Super Duty lineup. Autoblog's Adam Morath reports on this edition of Autoblog Minute. With commentary from Autoblog's senior editor Greg Migliore and an interview with Doug Scott of Ford Motor Company. Update: This post has been updated to reflect that the entire Ford F-Series Super Duty lineup is new for 2017, not just the F-250 model. Show full video transcript text [00:00:00] Competition in the heavy duty truck segment heats up as we get our first look at the 2017 Ford F-Series Super Duty trucks. I'm Adam Morath and this is your Autoblog Minute. As Ford prepares to release its new Super Duty line to the American worker, we spoke with Doug Scott of Ford's Truck Group to find out what customers can expect from this latest super duty offering: [00:00:30] [Doug Scott Interview] For more on what the changes to Super Duty mean for the segment we go to Autoblog's Greg Migliore: [00:01:30] [Greg Migliore Interview] Will a larger cabin and increased towing capacity help these heavy duty trucks take off like the smaller F150? And, how will the other HD giants, Chevy, GMC, and Ram respond? Truck fans, be sure to sound off in the comments below. For Autoblog, I'm Adam Morath. [00:02:00] Show Logo Autoblog Minute is a short-form video news series reporting on all things automotive. Each segment offers a quick and clear picture of what's happening in the automotive industry from the perspective of Autoblog's expert editorial staff, auto executives, and industry professionals. Chevrolet Ford GMC RAM Truck Autoblog Minute Videos Original Video ford f-250 f-250 super duty