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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.

Cruze Diesel Road Trip reveals the good and bad, but no ugly

Most of us have strong opinions on diesel-powered cars based on our perceptions of and experience with them. I used to thoroughly dislike oil burners for their noise, smoke and lackluster performance, and the fact that they ran on greasy, smelly stuff that was more expensive than gasoline, could be hard to find and was nasty to get on your hands when refueling. Those negatives, for me, trumped diesel's major positives of big torque for strong acceleration and better fuel economy. Are any of those knocks on diesel still valid today? I'm not talking semis, which continue to annoy me when their operators for some reason almost never shut them down. At any busy truck stop, the air seems always filled with the sound – and sometimes smell – of dozens of big-rig diesels idling endlessly and mindlessly. Or diesel heavy-duty pickups. Those muscular workhorses are far more refined than they once were and burn much less fuel than their gasoline counterparts. But good luck arriving home late at night, or departing early morning, without waking your housemates and neighbors with their clattery racket. No, I'm talking diesel-powered passenger cars, which account for more than half the market in Europe (diesel fuel is cheaper there) yet still barely bump the sales charts in North America. Diesel fuel remains more expensive here, too few stations carry it, and too many Americans remember when diesel cars were noisy, smelly slugs. Also, US emissions requirements make them substantially more expensive to certify, and therefore to buy. But put aside (if you can) higher vehicle purchase and fuel prices, and today's diesel cars can be delightful to drive while delivering much better fuel efficiency than gas-powered versions. So far in the US, all except Chevrolet's compact Cruze Diesel come from German brands, and all are amazingly quiet, visually clean (no smoke) and can be torquey-fun to drive. When a GM Powertrain engineering team set out to modify a tried-and-true GM of Europe turbodiesel four for North American Chevy Cruze compacts, says assistant chief engineer Mike Siegrist, it had a clear target in mind: the Volkswagen Jetta TDI 2.0-liter diesel. And they'll tell you that they beat it in nearly every way. "I believe we have a superior product," he says. "It's powerful, efficient and clean, and it will change perceptions of what a diesel car can be." The 2.0L Cruze turbodiesel pumps out 151 SAE certified horses and 264 pound-feet of torque (at just 2,000 rpm) vs.

Poor headlights cause 40 cars to miss IIHS Top Safety Pick rating

Over the past few months, we've noticed a number of cars and SUVs that have come incredibly close to earning one of the IIHS's highest accolades, the Top Safety Pick rating. They have great crash test scores and solid automatic emergency braking and forward collision warning systems. What trips them up is headlights. That got us wondering, how many vehicles are there that are coming up short because they don't have headlights that meet the organization's criteria for an "Acceptable" or "Good" rating. This is a revision made after 2017, a year in which headlights weren't factored in for this specific award. This is also why why some vehicles, such as the Ford F-150, might have had the award last year, but have lost it for this year. We reached out to someone at IIHS to find out. He responded with the following car models. Depending on how you count, a whopping 40 models crash well enough to receive the rating, but don't get it because their headlights are either "Poor" or "Marginal." We say depending on how you count because the IIHS actual counts truck body styles differently, and the Infiniti Q70 is a special case. Apparently the version of the Q70 that has good headlights doesn't have adequate forward collision prevention technology. And the one that has good forward collision tech doesn't have good enough headlights. We've provided the entire list of vehicles below in alphabetical order. Interestingly, it seems the Volkswagen Group is having the most difficulty providing good headlights with its otherwise safe cars. It had the most models on the list at 9 split between Audi and Volkswagen. GM is next in line with 7 models. It is worth noting again that though these vehicles have subpar headlights and don't quite earn Top Safety Pick awards, that doesn't mean they're unsafe. They all score well enough in crash testing and forward collision prevention that they would get the coveted award if the lights were better.