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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.

2021 GMC Yukon will pull a 180 thanks to a Hurricane Turn feature

GMC isn't a hip, young startup, but its engineers are out to prove it's possible to teach an old dog new tricks. The next-generation Yukon will offer adventurers seeking a quick turn-around a "Hurricane Turn" feature that functions a lot like Rivian's Tank Turn technology. The two systems use different hardware to perform a similar action. We didn't hear anything about the Hurricane Turn feature during the Yukon's unveiling because GMC planned to keep it under wraps until later, but an eagle-eyed report at Motor Trend uncovered it and quizzed the firm. It's real, and it's engaged when the driver switches the stability control system off, energetically turns the steering wheel in either direction, and mashes the accelerator pedal to the floor. The Yukon needs to be on a loose surface, too. If you're turning right, the on-board computer applies braking power to the passenger-side wheels to prevent them from spinning, while the engine continues to turn the driver-side wheels to rotate the Yukon on its own axis. The exact opposite happens if you're turning left. It's clever and relatively simple; there's no extra hardware required to enable the feature, though it shows the next Yukon is far more advanced than its predecessor. It goes without saying that only four-wheel drive models will receive the Hurricane Turn feature. There's no word yet on whether it will be compatible with all three engine options, or if it will be limited to a certain trim level. GMC will publish additional details about the system, and hopefully a video of it in action, in the coming months. Rivian, on the other hand, leveraged its four-motor electric powertrain to teach the R1T (and presumably the R1S) how to pull a 180. The right wheels turn in the opposite directions as the left wheels – hence the name Tank Turn – to spin the truck around like a CD in a Walkman. Its system doesn't use the brakes. The 2021 Yukon is due in showrooms in the summer of 2020, and Amazon-funded Rivian won't start making the R1S until the end of 2020 at the earliest, so GMC will beat its younger rival to the punch. What remains to be seen is how often motorists use either function. We're betting not very once the initial novelty wears off. Related Video:    

GMC's Bronco-slaying SUV will remain a dream, report says

GMC won't help rival Ford in its quest to dethrone the Jeep Wrangler, according to a recent report. The body-on-frame off-roader the firm planned as an alternative to the upcoming Bronco and the fourth-generation Wrangler allegedly fell victim to a top-down restructuring plan implemented recently by parent company General Motors. Citing anonymous inside sources, Muscle Car & Trucks reported the rugged SUV remained part of GMC's long-term product plan until November 2018. It was shaping up to be one of the company's most distinctive models in decades. It should have arrived as a dedicated off-roader developed and sold exclusively by GMC; it wouldn't have had a twin in the Chevrolet portfolio. The problem, according to the report, is that the off-roader (which might have revived the heritage-laced Jimmy nameplate) should have been built on the 32XX platform designed to underpin the next Chevrolet Colorado/GMC Canyon twins. General Motors canceled that project to save money, so the SUV was consigned to the attic before we even spotted prototypes testing on and off the pavement. The updated pickups will instead arrive on an evolution of the frame found under the models currently found in showroom. There's no word on why that architecture can't support a Wrangler-like SUV. GMC never confirmed plans to build an off-roader aimed at the Jeep Wrangler and the upcoming Ford Bronco, so it certainly won't validate reports claiming it has canceled the model. This isn't the first time we've heard about a body-on-frame SUV made by a brand in the General Motors portfolio, though. Hummer was supposed to take the fight directly to Jeep with an off-roader accurately previewed by the 2008 HX concept, but it shut down before it finished developing the model. Rumors of GMC picking up where Hummer left off have come and gone on a shockingly regular basis over the past few years, yet the Wrangler remains in a class of one.