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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.

Our favorite mid-engine Corvette theories and rumors

The mid-engine Corvette! We just saw blurry photos through the foliage, and are hearts are all aflutter because it means that this car is real. And it's the most " never before" Corvette since 1984. Which leads us to all kinds of wacky theories and speculation. Everybody knows something or heard from a guy. None of those guys (or gals) from GM are talking to Autoblog, to be clear. But that won't stop us from stirring the pot. Let's go over a few point-by-point. The pushrod engine will be replaced by an overhead-cam V8 Car and Driver has repeatedly reported that an overhead-cam engine will come after the mid-engine Corvette's debut with an old-school pushrod. We've heard the same thing firsthand, albeit from a source with no connection to the development of the Corvette or powertrain. "At some point two valves can't pass future emissions regulations," said the guy we know. While the pushrod engine is compact, the design makes it difficult - if not impossible - for sophisticated variable valve timing (and lift) systems that control combustion with more precision. Hasty conclusion: The pushrod engine has a finite life in front of it. This one's a lock, it's a just a matter of when. Bowling Green's new paint shop is really the mid-engine assembly line Credit to Reddit for this one. Like we said, everybody knows a guy. But let's look deeper. The new paint facility costs $439 million dollars and adds 450,000 square feet, almost half the size of the existing plant. Plus GM announced another $290 million in upgrades at Bowling Green Assembly. That sure sounds like a lot of money, but you can actually spend that much on a paint booth. Porsche spent 500 million Euros (about $561 million dollars) to add the Macan assembly to its Leipzig, Germany plant in 2014. Chrysler shelled out $850 million for a paint shop in Sterling Heights, Michigan. GM spent $600 million for a new paint shop at the Fairfax (Kansas City) plant. Honda, on the other hand, is working on a thrifty $210 million project in Marysville, Ohio that includes a 300,000 square foot expansion, and the low-volume Acura NSX facility only cost $70 million. Hasty conclusion: The square footage and cost could easily mean a new assembly line instead of (or in addition to) a paint line. And if the NSX plant was really that cheap, GM could have hidden a similar sum in its existing announcements.

2022 GMC Hummer EV No. 001 at Barrett-Jackson brings $2.5 million

This year's Barrett-Jackson auction in Scottsdale, Ariz., played host to a bunch of the first examples of hot new cars: VIN No. 001 of the 2022 GMC Hummer EV, 2022 Cadillac CT5-V Blackwing and CT4-V Blackwing, 2021 Ford Bronco, 2021 Ford Mustang Mach 1 and 2021 Ram 1500 TRX. Every single one of them sold for more than six figures, with all the proceeds of nearly $5 million going to charities, but the big winner was absolutely the Hummer with a hammer price of $2.5 million. The Bronco did nicely, too, with a selling price of $1,075,000. You can see the list of the sale prices from highest to lowest of these first examples below. GMC Hummer EV: $2,500,000 Ford Bronco: $1,075,000 Ford Mustang Mach 1: $500,000 Ram 1500 TRX Launch Edition: $410,000 Cadillac CT5-V Blackwing: $265,000 Cadillac CT4-V Blackwing: $165,000 Despite the Hummer going for $2.5 million, it wasn't the most expensive car to cross the block. That honor goes to a 1966 Shelby Cobra 427 Super Snake that was once owned by Carroll Shelby himself. It sold for $5.5 million, the same price it sold for back in 2007. Nearly as pricey as the Hummer was a restored, numbers-matching 1967 Ferrari 275 GTB/4 that went for $2,475,000. Related video: