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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.

Cadillac ATS sedan is in its last year

Cadillac has just confirmed that the ATS Sedan dies at the end of the 2018 model year. In an e-mail to CarBuzz, spokesman Donny Nordlicht wrote, "Production of the ATS Sedan is ending due to extensive plant upgrades, expansion and re-tooling to prepare for the next generation of Cadillac sedans." The admission confirms several months of deduction based on a document trail put together by The Truth About Cars. Last December, TTAC reported that General Motors didn't list a 2019 Cadillac ATS sedan on VIN documents submitted to the National Highway Traffic Safety Administration. Only the coupe remained, the presumption being that 2018 would be the last year for the sedan. That presumption was bolstered by industry sleuth Bozi Tatarevic's discovery this week that GM hasn't included the ATS sedan in the carmaker's fleet order guide. The death of the four-door ATS won't surprise anyone paying attention to statements from Cadillac or ATS sales figures. Brand then-president Johan de Nysschen strongly hinted last summer that three sedans would bite the dust come 2019, and one would be refreshed. We've seen the gussied-up CT6, so that put the XTS, CTS, and ATS in the funeral home. The XTS would die an unavenged death, while the CTS downsized into the properly midsized CT5 and targeted buyers in the $35,000 to $45,000 range, overlapping with $34,595 ATS sedan pricing by doing so. The ATS would go on hiatus, eventually resurrected as a compact luxury offering possibly called CT3 in coupe form and CT4 as a sedan sometime around 2020. As for the market situation, ATS sales are up 7.3 percent in the U.S. through the end of April this year compared to 2017. However, the ATS sold only 13,100 units in the U.S. in 2017, compared to 21,505 units in 2016 and a high of 38,319 in 2013, its first full year on sale. Assuming new Cadillac president Steve Carlisle stays the predicted course, GM might keep the ATS Coupe as a lure to sporty buyers in the segment until a possible CT5 coupe arrives. Otherwise, Nordlicht's e-mail said "Cadillac's future sedan portfolio will consist of three sedans, positioned in different segments and clearly differentiated by size and price." The 2019 ATS Coupe will stick with its three current engines, the 2.0-liter turbo with 272 horsepower and 295 pound-feet of torque, the 3.6-liter V6 with 335 hp and 285 lb-ft, and the 3.6-liter twin-turbo V6 in the ATS-V with 464 hp and 445 lb-ft of torque.

Don Draper's 1965 Cadillac Coupe de Ville up for auction

Few have ever nor ever will embody the sheer confidence and style of Don Draper, the main character on the hit AMC drama Mad Men. But if you can't quite match his style, at least you can drive his car. Now that the series has now concluded its eight-year run, the studio behind it is selling off a whole mess of artifacts from the show through ScreenBid, a specialist Hollywood memorabilia auctioneer. There's a good 1,300 lots up for grabs, from props to costumes. But the lot that's caught our attention is this 1965 Cadillac Coupe de Ville. Don picked this car up in the fifth season and drove it until the penultimate episode. These are the wheels he (spoiler alert!) drove across the country, got repaired in Oklahoma, and ultimately gave to a kid working at the motel before making his way by bus to the Bonneville Salt Flats in the final episode. At the time of writing, bidding had reached $25,000 with four days still to go. Cadillac first used the de Ville as a trim level on the Series 62 before spinning it off into its own model line. 1965 was the first year of the third-generation de Ville, stretching a massive 224 inches (over 18 and a half feet!) long. Powering over 4,600 pounds of personal American luxury was an equally massive 7.0-liter V8 that drove 340 horsepower through a three-speed automatic transmission. The name wasn't retired until 2005 when the final DeVille (as it was styled by then) was replaced by the DTS, which itself was shorthand for DeVille Touring Sedan. Cadillac produced the last DTS in 2011, finally putting to rest a name that had, in one form or another, been used since 1949. Few cars had the kind of presence that the third-gen Coupe de Ville did, though, and Draper knew it. Or at least the show's producers did.