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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.

2020 Cadillac CT4-V First Drive + Video | The Cadillac of compact Cadillacs

With the launch of the 2020 Cadillac CT4, GM is pushing back into the smallest luxury sedan segment that in recent years has almost exclusively featured entries from Germany. We're pleased to see it return, and importantly, that it definitely came back prepared. The CT4’s key differentiator is its platform. Unlike the bulk of entry-level luxury sedans currently on the market, the Cadillac rides on a rear-wheel-drive platform. All-wheel drive is available throughout the lineup for those who need (or just want) four-season flexibility, but itÂ’s meant to be a convenience feature rather than a performance upgrade — the same is not true of its front-wheel-drive competitors. The CT4 ostensibly replaces the discontinued ATS, but reality is a bit murkier than that. Stop us if youÂ’ve heard this before, but the Cadillac CT4 is not entirely size-appropriate for the class. While the CT4 is aimed at the subcompact luxury sedan segment (and the CT5 at the compact), itÂ’s dimensionally a bit closer to the likes of the Mercedes C-Class than it is the A-Class. This gives Caddy a bit of an advantage, but itÂ’s nothing we havenÂ’t seen from GMÂ’s luxury arm before. Cadillac has chosen instead to target the segment based on price, which is a win for consumers in a way, as you can get a little bit more bang for your buck if theyÂ’re willing to take a chance on the underdog. Cadillac is offering its new small sedan in three states of tune. The base (“Luxury”) model boasts a 2.0-liter engine good for 237 horsepower and 258 pound-feet of torque. The Premium Luxury and CT4-V models get the 2.7-liter — which is still a four-cylinder — that makes 310 hp and 350 lb-ft of torque in its base tune and 325 hp and 380 lb-ft in the CT4-V. All three variants make use of GMÂ’s active fuel management tech which allows them to run on just two cylinders to conserve fuel while cruising. Yes, you read that correctly. The CT4-V boasts just 325 hp, which may seem like a pittance considering the outrageously powerful V models of CadillacÂ’s past, but GMÂ’s luxury arm has decided to re-jigger its performance hierarchy by eliminating “V-Sport” entirely, shifting “V” down to fill that role, and introducing a series of new range-topping performance models dubbed “Blackwing.” In that context, the CT4-V may seem like an also-ran, but consider the company it keeps.

Why GM will import the Cadillac CT6 PHEV from China

There's a clear-cut reason that General Motors is going to build its upcoming plug-in hybrid CT6 sedan in China. Sure, the car will be sold in China and the US, but the real reason for the "Made In China" stamp is environmental. If an automaker wants to build a new model in China, adding a green powertrain is an easy way to do that. The CT6 will have both a PHEV option as well as standard gas engine versions. David Leone, Cadillac's executive chief engineer, told AutoblogGreen recently that, "[China is] far more receptive to approving localized production of vehicle programs that have new energy vehicle powertrain applications." To put it succinctly, since the CT6 has a PHEV option, it is easier for GM to build all CT6 models in China. Some of them will then be imported to the US. "Most new global Cadillacs will also be produced in China as well. It's our second-largest market in the world." "To bring any new car into China, to produce it, you need government approval," Leone said. "The government isn't interested in bringing many new cars to market that don't have new energy credits. [The CT6] also provides new energy credits that enables it to be an attractive, well-received product in China." Leone said that there are two main markets for the various CT6 models: China and the US. The car will arrive in the 2017 model year, so some time after the end of June 2016. There are other practical reasons to build the PHEV in China, like the cells in the battery pack. Those are provided by LG Chem, which makes some cells in Michigan but more in South Korea. And GM already builds cars in China through its joint venture with SAIC, Shanghai General Motors, or SGM. "In February 2013 we started making the XTS, in summer of 2014 we started making the ATS-L," Leone said. "We will be producing [the CT6] within a number of months. Most new global Cadillacs will also be produced in China as well. It's our second-largest market in the world." The Chinese and US versions of the CT6 will be identical, Leone said. While some Cadillacs sold in China are slightly different than the US versions – the Chinese ATS is 77 millimeters longer, for example – the CTS6 PHEV will be exactly the same in both places, other than slight tweaks to the trim levels. Still, "more of our cars going forward will be the exact same car," he said. That doesn't mean that sales will be the same everywhere.