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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.

2017 Chevy Cruze Hatchback updated with utility and style

Ford, Hyundai, Kia, and Scion all have compact hatches on offer, and now Chevrolet joins the fray with the 2017 Cruze Hatchback. Based on the second-generation Cruze, the new body style offers an economical way of scoring a total of 42 cubic feet of cargo space without upgrading to a crossover. Like the sedan, the new hatch comes to market with a turbocharged 1.4-liter four-cylinder good for 153 horsepower and 177 pound-feet of torque. That's it – no naturally aspirated engines here. That engine will be paired with either a six-speed manual or a HydraMatic six-speed auto. Fuel economy should be just as impressive as the sedan, projected to hit 40 miles per gallon on the highway. While looks are subjective, we think that the Cruze Hatchback may be sharper-looking than the sedan. The long, pointy nose looks more balanced with the long roof. The rear end looks good, but that rear aperture is awfully tiny and sits above a high rear bumper – not ideal for a vehicle that consumers will buy because of its versatility. We've got a small gallery from the media scrum at the Cruze Hatchback's Detroit debut above, as well as full video of the press conference with live reaction below. Have a look. Chevrolet Introduces 2017 Cruze Hatch HERE'S THE STORY Ahead of its debut at the North American International Auto Show, Chevrolet today introduced the 2017 Cruze Hatchback. Developed with all the technologies and dynamic driving attributes of the all-new 2016 Cruze sedan, the new hatch adds a functional and sporty choice for customers. It joins Colorado and Trax as the latest Chevrolets to push into new segments. PRODUCT DETAILS The Cruze Hatch has the same, class-leading 106.3-inch (2,700 mm) wheelbase as sedan models, but features a unique roof and rear-end structure – including wraparound taillamps and an integrated spoiler at the top of the liftgate. It opens to offer 18.5 cubic feet (524 liters) of cargo space behind the rear seat. With the rear seat folded, cargo space expands to 42 cubic feet (1,189 liters). ON SALE Fall 2016 QUOTABLE "With 9 percent market growth in small hatchbacks last year, it's the perfect time to bring the Cruze Hatch to America," said Alan Batey, president, General Motors North America and Global Chevrolet.

UAW to vote on strike at Kentucky Corvette plant

The current wait time for a new Chevrolet Corvette Stingray is well, not short. With word of a strike at the Bowling Green, KY factory responsible for seventh-generation sports car, though, that wait time could end up growing substantially.
Now, a strike is still a ways off. UAW Local 2164, which represents the 800 workers responsible for screwing the Corvette together, is set to vote on authorizing a strike today, but even if the employees give the action a go, it's far from a sure thing. According to The Tennessean, both regional and national union officials would need to put their stamp of approval on strike action.
"The membership has to vote to strike, but it's just a step in the process," said Gary Casteel, the UAW's Region 8 director and one of the people that would need to authorize a strike action. Casteel told The Tennessean, "It's purely a local situation, though. They are having some issues with the local management."