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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.

Chevy exec confirms SS production model reveal at Daytona on Feb 16

The 2014 Chevrolet SS will make its racing debut for the 2013 Daytona 500, but the production version of the car will get its official unveiling on February 16 in Daytona, a week before The Great American Race. According to a report by Automotive News, the reveal has been confirmed by Jim Campbell, Chevy's US vice president of performance and motorsports. With the departure of the Dodge Charger, the new Chevrolet racecar will be the only competitor to feature a V8, rear-wheel-drive layout in both street and NASCAR form.
NASCAR fans will be able to see the new fullsize performance-oriented sedan on display in the festivities leading up to the Daytona 500, but the car won't go on sale until later in the year. The Australian-built Chevy SS will be a low-volume performance model, and it will be priced above the 2014 Impala, which starts at $27,535.

GM says safety is a reason it's dropping Apple CarPlay, Android Auto

Update: GM sent us a statement as a follow-up to its original comments seen in this post: "We wanted to reach out to clarify that comments about GM's position on phone projection were misrepresented in previous articles and to reinforce our valued partnerships with Apple and Google and each company’s commitment to driver safety. GM's embedded infotainment strategy is driven by the benefits of having a system that allows for greater integration with the larger GM ecosystem and vehicles." The original story can be read in its entirety below.   General Motors announced its intention to remove Apple CarPlay and Android Auto functionality from its upcoming EVs earlier this year, and internet comments sections haven't been kind since. As the first of many EVs to follow – the 2024 Chevrolet Blazer EV – hits the market, GM is expanding on its initial explanations for dropping the tech. Motor Trend spoke with Tim Babbit, GMÂ’s head of product for infotainment, to learn more. Attributed to Babbit, from the story: “They have stability issues that manifest themselves as bad connections, poor rendering, slow responses, and dropped connections. And when CarPlay and Android Auto have issues, drivers pick up their phones again, taking their eyes off the road and totally defeating the purpose of these phone-mirroring programs. Solving those issues can sometimes be beyond the control of the automaker.” Babbit suggests that a world without Apple CarPlay or Android Auto will be a safer one, as folks wonÂ’t be looking to control their infotainment systems via their phones. However, Babbit also tells MT that this theory hasnÂ’t been tested in either the lab or the real world yet. Instead of using a navigation or music-playing app powered through your phone, upcoming GM EVs will use a Google-based infotainment system called “Ultifi” that runs a ton of integrated Google apps. Google Maps will be the native navigation app in the system; youÂ’ll be able to log in to Spotify or other apps to load your music up, and so on. The idea here is that youÂ’ll have all the same apps that were on your phone available but integrated within the infotainment system instead, and you'll be able to use voice controls to control every last bit of it with no need to reach for a phone. That sounds amenable in theory, but how consumers react to the removal of a feature that they know and love now is a risky gamble.