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Farley reacts as UAW expands strike against Ford, GM

Members of the United Auto Worker union walk out of the Chicago Ford Assembly Plant as Lance Williams from Lansing, Ill., waves the UAW flag Friday. (AP)   As the United Auto Workers walk off the job at an additional Ford and General Motors plant, Ford CEO Jim Farley addressed investors and members of the media Friday, pleading the case for the company's latest overture to the union and addressing both public and investor concerns regarding the core issues facing American manufacturing.  Farley made a public case for Ford's efforts to resolve the dispute, expressing frustration with the ongoing stalemate and noting both the concessions Ford offered before the strike began and the signing of a contract with Canada's Unifor. Farley also acknowledged UAW President Shawn Fain's success in getting the union's message out, quipping: "Shawn has been on TV more than Jake from State Farm at this point." The first-ever simultaneous strike against the Detroit Three automakers enters its third week with threats of continued expansion, but little in the way of obvious concrete progress.  "If the UAW’s goal is a record contract, they have already achieved this," Farley said. "It is grossly irresponsible to escalate these strikes and hurt thousands of families." Farley also lamented the fact that EVs have become the subject of partisan conflict, with the company's recently announced battery production facilities taking heat from both pundits and investors as Ford was forced to press pause on the venture while negotiations continue. Former President Donald Trump dropped in to Michigan this week to declare EVs the enemy of blue-collar jobs. "They've become a political football, and that's a shame," he said. Friday saw an expansion of the UAW strike to Ford's Chicago assembly plant and GM's Lansing, Delta Township, Michigan, assembly plant, covering about 7,000 workers, Fain said in an announcement, bringing the total number of workers on the picket lines to 25,000. The strike will not include any additional members at Stellantis, where talks have reportedly been more productive. The Ford and GM plants went on strike at noon Eastern today (Friday). Ford builds the Explorer and Lincoln Aviator in Chicago. GM's Delta Township plant builds Chevy Traverse and Buick Enclave. "Despite our willingness to bargain, Ford and GM have refused to make meaningful progress," Fain said in a video address Friday morning.

2017 Cadillac CTS-V Drivers' Notes | V is for velocity

The 2017 Cadillac CTS-V is as close to a four-door Corvette Z06 as you're ever likely to get. Underneath the carbon-fiber hood rests one hell of an engine, a 640-horsepower supercharged V8. It's only slightly less powerful than what you'll find in the Corvette. Thanks to GM's chassis wizards, the car's handling is an equal match for the powerful engine. This particular car packs in a number of options, including Recaro seats and the performance data recorder that allows owners to measure lap times and record video. The most expensive option is the $6,950 Carbon Black Package. This nets you a carbon fiber hood vent, front splitter, spoiler and rear diffuser. This car isn't cheap, but it does undercut the less powerful Audi RS7 and Mercedes-AMG E63 S. Associate Editor Joel Stocksdale: This is a seriously fun, if also flawed, car. And the biggest contributor to the fun is the big lump of V8 under the hood. The supercharged 6.2-liter makes 640 horsepower, but Cadillac could've left the number off and just called it "effortless." The gentlest pressure on the gas pedal will result in you picking up an extra 10 mph without ever noticing. And when you stomp on it, you get this huge and immediate surge of acceleration. It's truly giggle-inducing. Although the CTS-V is big and heavy, it handles the power well. It gives you enough info on what's happening so you feel in control, and the chassis is impressively composed. The only real weak points I can find on the CTS-V (besides the low gas mileage) are the interior controls. They are abysmal. The infotainment screen is pretty poor, with a clutter of information at the main screen, and difficult-to-find commands for getting to other menus. But worse than that are the climate and volume buttons. They're all touch-sensitive spots on the center stack. They're not very responsive, and the vibratory feedback it provides isn't noticeable while driving. It doesn't help that the feedback feels pretty inconsistent, too. For me, I think I could learn to live with the infotainment, simply because I love the way the rest of the car feels and drives. But, Cadillac, you need to get to updating this ASAP. Associate Editor Reese Counts: OK, Cadillac's infotainment system sucks. Let's get that out of the way. Touch capacitive interfaces don't work well in cars. This does have the old version of CUE, so I'm hoping the next-gen system will fix some of the interface issues. Like Joel, this wouldn't turn me off from buying the car.

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.