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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.

GM outlines strategy for new products, growth in China

"Our strategic plan is a pathway to earn customers for life and create significant shareholder value in the process." - Mary Barra
General Motors laid out ambitious plans on Wednesday to become the world's "most valued automotive company," a goal it says it can reach by strengthening its business in China, rebuilding the Cadillac luxury brand and fixing the foundering GM Europe operations.

Cadillac's CEO on Apple CarPlay: ’extremely clunky’

In this new world of advanced in-car infotainment and connectivity, car and tech companies alike are creating interfaces with mixed success. Apparently one system has annoyed Cadillac CEO Johan de Nysschen enough he's openly griping about it. In an interview with our friends at Yahoo Finance, the CEO had a number of complaints about Apple CarPlay, a system that, along with Android Auto, is rapidly becoming a staple of automotive infotainment. Though he acknowledged the system's potential, de Nysschen said CarPlay "is extremely clunky." He highlighted issues he's had with Apple Maps reacting too slowly for turn-by-turn navigation on the highway, app transitions that weren't smooth, and some quirks he found when using voice commands. While we won't say Apple CarPlay is perfect by any means, we're also not so sure it's deserving of such high-profile criticism, particularly from Cadillac. This is because Cadillac's own infotainment system CUE, has not been loved by those of us at Autoblog. And while Cadillac has announced it has a new version of CUE that might fix our issues with it, it's not exactly rolling it out expediently. So before ripping on other infotainment, de Nysschen, maybe make sure your own system in order. Related Video: