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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.

Submit your questions for Autoblog Podcast #313 LIVE!

We record Autoblog Podcast #313 tonight, and you can drop us your questions and comments regarding the rest of the week's news via our Q&A module below. Subscribe to the Autoblog Podcast in iTunes if you haven't already done so, and if you want to take it all in live, tune in to our UStream (audio only) channel at 10:00 PM Eastern tonight.
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2014 Chevrolet Silverado and GMC Sierra introduced

2017 GMC Model Year Preview and Updates

GM's 'professional grade' truck and SUV specialist continues to deliver its utility-with-luxury vibe, optimized in the all-new Acadia, relatively new Canyon and continual updates to its Sierra pickups and Yukon SUVs. GMC ACADIA: An all-new Acadia - pictured above - is aimed at the heart of the midsize segment. In an unusual step, the GMC product team downsized the Acadia, dropping 700 pounds from the earlier platform in the process. The new crossover is available in four trims – SL, SLE, SLT and Denali – and an offroad-oriented All Terrain package is available on both SLE and SLT when equipped with all-wheel drive. For young families, GMC introduces the industry-first Rear Seat Reminder, a prompt which will remind the driver to check the rear seat area before leaving and locking the vehicle. CANYON: The midsize pickup introduces two new variants for 2017. The upmarket Denali adds swag – unique chrome grille, 20-inch aluminum wheels and various interior upgrades – to its swagger, while the All Terrain X provides the adventure traveler with all-terrain tires, off-road suspension, Hill Descent Control and all-weather floor liners. SIERRA: The Sierra's maximum trailer tow rating of 12,500 pounds is the best in the full-size, crew cab segment. New features include Teen Driver, active aero shutters on all models and available tri-mode power steps. Also, GMC adds two new colors to the palette: Dark Slate Metallic and Pepperdust Metallic. SIERRA HD: The big news is the addition of the All Terrain X to GMC's heavy duty lineup. With an offroad-specific footprint provided by its 18-inch aluminum wheels and Goodyear Duratrac tires, ground clearance is enhanced by the Z71 off-road suspension, and an Eaton automatic locking differential keeps you rolling. TERRAIN: While the 2018 Terrain awaits its showroom debut, the 2017 Terrain's new Nightfall edition darkens the Terrain vibe. The one new color for 2017 fails to hit a brighter note; it's Graphite Gray Metallic. YUKON/YUKON XL: Perhaps the ultimate Uber capsule, the big/bigger SUV enters 2017 with a host of refinements, including GM's Teen Driver feature, upgrades to rear seat entertainment, available low speed forward automatic braking, active aero shutters for improved efficiency and one new color: Dark Sapphire Blue Metallic. If you're looking to maximize your visual presence, consider the SLT Premium Edition, which ups the chrome content well beyond the commercial minimums.