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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.

2016 Buick Cascada marks the return of casual convertibles

Buick is reentering the convertible game after a 25-year absence with this, the long-awaited 2016 Cascada. Fans of General Motors' European operations will recognize this svelte, four-place droptop as a rebadged version of the critically well-received Vauxhall/Opel Cascada, a model that has been on sale to audiences across The Pond since 2013. The Cascada will once again give American car buyers the chance to buy a relaxed, affordable two-row convertible without sporting pretensions, an option that arguably hasn't been available since the demise of the Chrysler 200 droptop. For US duty, the softtop Cascada will arrive with a 1.6-liter, direct-injected, turbocharged four-cylinder that churns out 200 horsepower. That figure is paired up with 206 pound-feet of torque, which can be bumped to 221 lb-ft via an overboost function. A six-speed automatic will dispatch that power to the front wheels, which are managed courtesy of a HiPer strut front-suspension system. While the Cascada might share its front suspension with the setup found on the Regal, its torsion-beam rear suspension has more in common with the Vauxhall/Opel Astra (and Buick Verano) on which it's based. 20-inch wheels and an electric power-assisted steering system round out the convertible's handling hardware. Of course, we doubt most Cascada customers will care about such oily and unseen things. Instead, they'll be more focused on the droptop's sheetmetal, which, considering it's basically a convertible version of the extremely handsome Astra, should win the car at least a few fans. While we only have so much detail to work with in the images that have been released so far – we'll be seeing the Cascada firsthand this evening (Sunday), so check back tonight for additional live images later today. Naturally, the Vauxhall/Opel grille will be replaced by Buick's trademark waterfall grille, although the company's other big styling calling card, portholes, are absent from our current pair of shots. A wide chrome strip stands out on the rear, tying the taillights together and increasing the Cascada's resemblance to the Regal sedan. A single oval exhaust tip juts out from the driver's side rear bumper. In terms of its actual dimensions, the Cascada's wheelbase is less than half an inch longer than the Verano, while the droptop is an inch longer than its four-door counterpart overall. At only an inch wider, meanwhile, the Cascada will enjoy the same easy to manage footprint as Buick's entry-level sedan.

GM's labor deal with UAW union on verge of ratification

Nov 15 (Reuters) - General Motors' tentative labor deal with the United Auto Workers (UAW) union closed in on ratification as the votes were counted on Wednesday. Following the approval earlier in the day by more than 60% of union members at the Detroit automaker's large Arlington, Texas, assembly plant, additional votes in favor have the deal close to clinching majority approval. The number of union locals, most of which are smaller, still to report vote totals is not large. After several large assembly plants voted against the deal earlier on Wednesday, some media had reported the deal was heading toward failure. But Arlington's support, followed by strong voting in favor by smaller warehouse and parts facilities, has put the deal on the brink of approval. This would mark the first ratification of a deal, which runs through April 2028, with one of the Detroit Three automakers. Ford and Stellantis voting is still under way, and workers at both companies were favoring ratification by comfortable margins. The UAW's GM vote tracking site currently shows approval of the contract leading by a 54% to 46% margin with almost 32,000 workers having cast votes out of about 46,000 UAW-represented GM workers. The Arlington plant, with about 5,000 UAW members, has the most of any GM plant. Voting officially ends on Thursday at 4 p.m. EST, although most votes will be cast on Wednesday. The UAW went on strike for more than six weeks against the Detroit Three, seeking better wages, working conditions and cost-of-living adjustments. All three companies agreed to tentative agreements about two weeks ago. Workers at other GM assembly plants voted against the deal, including 60% of workers at its Fort Wayne, Indiana, truck plant, 53% at its Wentzville, Missouri, plant, 58% of workers at GM's Lansing Grand River plant and 61% of workers at the Lansing Delta Township plant. Seven of GM's 11 assembly plants rejected the deal. In addition to Arlington, workers at plants in Detroit, Fairfax, Kansas; and Lake Orion, Michigan; approved the agreement. Only nine facilities are still listed without vote totals on the UAW vote tracker, including GM's Lockport, New York, components plant with about 1,200 members. Those voting in favor of the agreement have a lead of almost 2,500 and many of the facilities still to come include workers who stand to receive large pay increases upon ratification.