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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.

Auto Show Notebook: Legendary Continental name inspired Lincoln's designers

What's in a name? A lot for the Continental concept, and it gave Lincoln designers a sense of purpose as they styled the brand's upcoming flagship sedan. "The moment that we told them, it was amazing," Lincoln president Kumar Galhotra said. "They totally got it." "It" is cutting-edge technology wrapped in stately, large-sedan design. It's a nod to Lincoln's storied past, but a signpost for where the brand is heading. Though the Continental name dates to the late 1930s, Lincoln designers avoided making the concept overtly retro. "You can't let it pull yourself back too far in history, but you've got to design a car that lives up to the name," Galhotra said. Speaking to Autoblog on the floor of the New York Auto Show where the Continental formally debuted Wednesday, the Lincoln president reiterated that the car is on track to launch in 2016. It will compete against the Audi A6, Lexus GS, BMW 5 Series and other large luxury sedans. After its debut, the concept in New York will fly to China – another critical market for Lincoln – for display there. It will be replaced in New York by a prototype without an interior. The Continental is the latest high profile play by Lincoln to raise its image with consumers, who have either ignored or forgotten about it amid steep competition in the luxury sector from German and Japanese brands and a potentially resilient Cadillac. Lincoln sales are essentially flat compared with 2014 through the first quarter of this year, with total volume of 21,478 units. The middling start to 2015 comes on the heels of nearly 16-percent sales growth last year spurred by the launch of the MKC and the prominent signing of Matthew McConaughey to star in Lincoln advertisements. Other News, Notes & Quotes Speaking of names, Chevrolet did its homework before deciding to proceed with "Malibu" for its new generation of midsize cars. "We went out and researched it," said Alan Batey, president of General Motors North America. "People actually like the name 'Malibu,'" he said. Admittedly, the current Malibu has struggled in the marketplace against entrenched competitors, Batey said, but he's optimistic its awareness and historical value are assets to the dramatically redesigned sedan."The name's strong," he said. Meanwhile, in other Chevy news, the brand kicked off a new marketing campaign, "Real People, Not Actors" Wednesday. It will show consumers interacting with Chevys and their spontaneous reactions to the vehicles.

Domino's reveals Chevy Spark-based delivery car

Next time you order from Domino's Pizza, check out the delivery car. In an effort to get hot and fresh pizzas to hungry customers, the company is creating a small run of custom vehicles that are tailored for the job. Dubbed the Domino's Delivery Expert (DXP), these 2015 Chevrolet Spark-based hatchbacks pack a plethora of features to provide the perfect pie. When the DXP's on delivery duty, every order should arrive steaming hot thanks to the hatchback's biggest custom upgrade – a warming oven right behind the driver. Accessible from outside, it can keep pizzas at the perfect temperature on the way to your house and hold two of Domino's Heatwave bags. Other than the driver's seat, the rest of the interior also gets replaced with bountiful storage and non-slip surfaces. According to the company, as many as 80 pizzas could conceivably fit inside, and that would be quite a party. The exterior is still clearly derived from the Spark but with some clever additions. An illuminated "Out for Delivery" sign is on the roof, and a puddle light shoots the Domino's logo on the ground. Plus, the company's red-and-blue color scheme is emblazoned over the hood, pillars, and hatch. Underneath all the pizza-related mods, power comes from a 1.2-liter four-cylinder and CVT. Rather than just a one-off stunt, Domino's is working with Roush Enterprises and former General Motors exec Kenneth R. Baker to build 100 DXPs. They're hitting the streets in 25 US cities, and you can check if your locale is included on the project's website. The seed of this idea came from a partnership with Local Motors to crowdsource the ultimate pizza delivery platform. Domino's Launches Purpose-Built Pizza Delivery Vehicle Domino's Innovative DXP™ Created by Three Great Michigan Brands and an International Crowdsourcing Design Competition Ann Arbor, Mich., Oct. 21, 2015 -- In its latest innovation as the recognized world leader in pizza delivery, Domino's (NYSE:DPZ) is launching the Domino's DXP™ (Delivery Expert), a specially designed and built pizza delivery vehicle. The DXP is the combined brainchild of former GM R&D executive Kenneth R. Baker, Michigan-based Roush Enterprises and Domino's. To also include consumers' input, hundreds of concepts were initially identified in an online crowdsourcing design competition hosted by Local Motors. "The Domino's DXP is the first purpose-built vehicle aimed at revolutionizing pizza delivery," said Russell Weiner, president of Domino's USA.