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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.

GMC Canyon AT4 OVRLANDX concept previews potential Bison-like model

GMC is signaling a move into serious off-road territory with this Canyon AT4 OVRLANDX concept. As its name suggest, this one-off was put together as a demonstration of what an overland-style GMC midsizer could potentially look like, but a glance beneath the surface reveals the bones of what we expect to be the forthcoming Canyon AT4X.  While "AT4" has been trickling down through the GMC lineup for the past few model years, AT4X kicks the basic off-road formula up a notch, a la Chevrolet's Colorado ZR2, which gains extra underbody protection, locking front and rear differentials and Multimatic's phenomenal DSSV dampers.  GMC Canyon AT4 OVRLANDX Off-Road Concept View 23 Photos OVRLANDX takes that to the next level, borrowing (and building upon) cues from the even-more-rugged ZR2 Bison, including rocker panel guards, cast-iron control arms, a custom front bumper with an integrated winch, built-in front recovery points, wheel arch trim with integrated LED task lighting, and guy lines for protecting the windshield from low-hanging branches. The custom rear bumper is even from American Expedition Vehicles (AEV), with whom Chevy partnered to produce the Bison's unique exterior bits. Does that seem like a wink and nod to you? “We wanted to showcase GMC Canyon with this concept and punctuate GMCÂ’s commitment to premium, off-road capable vehicles,” said Buick & GMC Global Vice President Duncan Aldred. "Consumer reaction to this conceptÂ’s design will help us further serve the growing market of buyers leading authentic outdoor lifestyles." This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. To that end, they threw a few more goodies at the concept. In a way, the roof-mounted tent, awning, cooler and kitchenette are just there to disguise the fact that GMC will likely build a production pickup with much these same specs when the new model debuts for the 2023 or 2024 model year – or perhaps even sooner. While this concept is built around GM's existing 3.6-liter V6 powertrain, the redesigned Canyon is expected to be offered with just one engine: a 2.7-liter turbocharged four-cylinder lifted from the Silverado and Sierra pickups.  Rumors have pointed to a GMC variant of the Colorado ZR2 since the midsize pickup adopted the AT4 branding for its off-road variant.

GMC Canyon AT4X rumored to get more extreme AEV Edition

When GMC debuted the new 2023 Canyon pickup in August, the midsize lineup gained the hardcore AT4X off-road trim the brand has been spreading throughout its wares. The new top-of-the-line model is GMC's version of the Chevrolet Colorado ZR2 and features the same off-road goodies, like the Multimatic DSSV suspension, unique front fascia, more skid plates, front and rear locking differentials, and a Baja drive mode turning the 33-inch tires. The Edition 1 launch model adds to the production goods by bolting on a front safari bar with a 30-inch light bar, a Comeup winch, an upgraded front skid plate, reconfigurable bed rails, front and rear underbody cameras, and special badging. The Canyon AT4X Edition 1 was gone almost immediately, because of course. However, Muscle Cars & Trucks reports that something just as special could be coming for buyers in the form of a Canyon AT4X AEV Edition. American Expeditionary Vehicles already breathed all over the last-gen Chevrolet Colorado and the current Chevy Silverado, looks like GM not only intends to keep the relationship going but expand it. MCT credits a source for news that the AEV-worked Canyon will get a snorkel and 35-inch tires. Chevrolet offered a snorkel as an aftermarket piece for the Colorado ZR2 Bison, and AEV sold a ZR2 Bison version with a snorkel attached. The new report claims GMC will make the elephant trunk a factory option, fitted to the driver's side this time instead of the passenger's side because of the new engine. The 35-inch tires would be a huge add-on, giving the Canyon the same kind of footprint as the Jeep Wrangler Rubicon Xtreme Recon and a couple of Ford Bronco trims. The additional two inches over the 33-inch tires on the AT4X make a big difference when the trail gets dicey. MCT says the AEV will get the same bumper as the Edition 1, which means a reduced approach angle in return for an integrated winch. The standard AT4X bumper permits a 36.9-degree approach angle, the winch-equipped Edition 1 drops that to 32.8 degrees. It's not clear which winch would hide behind that bumper, though. GMC factory fit is the Comeup Seal Slim 9.5rs rated at 9,500 pounds. AEV offers a Warn 9.5 XP-S with the same weight rating for its Colorado ZR2 Bison.  Speaking of which, since the Colorado arguably started all this, Chevy fans can expect their midsizer to acquire the same bundle as the Canyon AT4X AEV.