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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.

Chevy Traverse, Hyundai Santa Fe revealed; Buick Envista, BMW M4 CSL driven | Autoblog Podcast #790

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Senior Editor John Beltz Snyder. After some banter, including the discussion of an excellent tomato sauce recipe, they get into car reviews. Greg has been driving the Mercedes-AMG GLE 53, while John has been testing the BMW M4 CSL and Buick's new Envista crossover. There's lots of interesting news this week. Chevy revealed the 2024 Traverse with new looks, a new engine and on off-road(ish) trim. Hyundai gave us a glimpse at the wild styling of the next Santa Fe. Dodge might bring back the Stealth nameplate as an SUV, and that has implications for the Durango as well. Ford, after repeatedly raising prices, has turned around and significantly discounted the F-150 Lightning across all trims. The first Tesla Cybertruck has rolled off the line as a pre-production prototype. Finally, we reach in to the mailbag and help a listener decide what to do with cars for himself and his kids in this week's Spend My Money segment. Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast #790 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving 2023 Mercedes-AMG GLE 53 2023 BMW M4 CSL 2024 Buick Envista 2024 Chevrolet Traverse gets rugged looks, new turbo engine, Z71 trim 2024 Hyundai Santa Fe revealed with a radical redesign Dodge Stealth coming with new platform, looks, and powertrains in a year (Bonus reading: check out Dodge Stealth listings) Ford F-150 Lightning gets significant price cut across the full range First Tesla Cybertruck pre-production prototype comes off the line Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related video: Green Podcasts BMW Buick Chevrolet Dodge Ford GM Hyundai Mercedes-Benz Tesla Truck Crossover SUV Electric Future Vehicles Luxury Off-Road Vehicles Performance

LG Chem ready to double workforce at plant that makes Volt batteries

With a history that involves paying people not to work, the fact that LG Chem is going to hire more people for its electric-vehicle battery plant in Holland, Michigan is good news on a couple fronts for the Korean company. The South Korea-based LG Chem is holding a job fair at the factory about 30 miles west of Grand Rapids. The company wants to double its workforce this year to "several hundred people." LG Chem, whose factory notably makes the cells for General Motors' Chevrolet Volt extended-range electric vehicle battery, is looking for everything from technical operators to maintenance workers to production supervisors. The company held a previous job fair last September that resulted in about 40 people being hired. The prior year, though, LG Chem gained a measure of infamy after the US Department of Energy (DOE) discovered that workers were, for a time, getting paid to do absolutely nothing because low demand for battery packs made it cheaper for the factory to remain idle. With LG Chem also making electric-vehicle battery components for Ford, Renault, Hyundai, and Volvo, though, those lazy days appear to be long gone. Take a look at LG Chem's press release below. Show full PR text LG Chem Michigan Inc. 2nd Job Fair Will Help To Double Its Holland Workforce HOLLAND, Mich., May 13, 2015 /PRNewswire/ -- LG Chem Michigan Inc. (LGCMI) is conducting a 2nd job fair on Thursday, May 14 as part of the company's efforts to double the size of its production workforce in 2015. LGCMI is an air-conditioned, clean room production environment with strong opportunity for career growth. Over 250 people attended the first job fair and the company is looking for more people to help it grow with increased production volume and new models. The company is adding production equipment and new processes and expects to employ several hundred people by the end of the year. Globally, LG Chem has numerous automakers as clients for EV batteries including GM, Ford, Renault, Hyundai/Kia, Volvo, Audi and Daimler etc. The company's push to build its workforce continues on Thursday, May 14 with an all-day job fair at the company's facilities, located at 1 LG Way in Holland. The event will take place from 9:00 a.m. until 6:00 p.m. and is open to everyone seeking employment opportunities with the company. Prospective candidates should plan to meet with members of LGCMI's staff to learn more about opportunities available at this market-leading, advanced-technology manufacturing company.