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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.

Recharge Wrap-up: Detroit Electric teaser video, Nissan Leaf is Good Housekeeping "Tried and Tested"

Detroit Electric has a new teaser video and has updated its brand in preparation of the introduction of the SP:01. The refreshed logo uses a blue and white color palette, and the company has also given its website a new look. The teaser video, which gives a sneak peek at the exterior of the SP:01, shows the car taking form in the midst of an electrical storm. Watch the video or learn more in the press release below. Abengoa is celebrating the grand opening of a commercial scale cellulosic ethanol plant in Hugoton, KS. When running at full scale, the refinery will produce up to 25 million gallons of ethanol a year. The plant will also generate enough electricity to power itself and put some back into the grid. Energy Secretary Ernest Moniz was on hand for the dedication, saying, "Every gallon of cellulosic ethanol produced and used to fuel our vehicles reduces the impact of harmful greenhouse gas emissions by greater than 60 percent as compared to conventional gasoline." Learn more at Energy.gov. Good Housekeeping has named the Nissan Leaf one of its "Tried and Tested" vehicles. The magazine called the Leaf SL its top "Roomy Electric" vehicle in its November issue. The magazine's research institute evaluated the EV based on track and road driving, ergonomics and convenience features. Good Housekeeping made note of the car's "impressive" range, but according to Nissan's Fred Diaz, "the real beauty of the Nissan Leaf is that it's roomy and, best of all, fun to drive." Read more in the press release below. Quasar Energy Group produces compressed natural gas from sewage and garbage. It uses things like grains leftover from brewing Budweiser, food waste from a baseball stadium and sewage sludge to produce the gas through anaerobic digestion. The compressed gas can then be used to power cars like Chevrolet's Bi-fuel Impala, which goes on sale later this year. Chevrolet likens the situation to the Delorean time machine in the Back To The Future movie series, which uses garbage to fuel its fusion generator. Watch the video and read the press release below to learn more. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

GM re-recalls 11k SUVs

General Motors is recalling a bunch of previously recalled SUVs because, well, they still aren't quite fixed. The latest repairs are necessary on 10,974 SUVs in North America, including 9,932 in only the US. Affected models include the 2006-2007 Buick Rainier, Chevrolet Trailblazer, and GMC Envoy; plus the 2006 Trailblazer EXT and Envoy XL. While not listed by NHTSA, a statement by GM to Autoblog says the 2006-2007 Saab 9-7X and Isuzu Ascender are also affected. In these SUVs, it's possible that liquid could get into the driver's door master power window switch module and cause a short circuit. This could potentially lead to a fire, and owners are urged to park the vehicles outside until repaired. GM has been trying to fix this issue for years. It started as an investigation into fires, and that led to a recall for about 250,000 vehicles in cold-weather states. A nationwide campaign came in 2013 for 193,000 of them in the US. Last year, the automaker decided to replace the whole module as a repair. However in a recent investigation of these recalls, GM discovered that this latest group of SUVs never received the new part. According to documents submitted to NHTSA (as a PDF), "Some dealers incorrectly used the labor code associated with module replacement when, instead of replacing the module, they only added a protective coating to the module." To fix things this time, the models finally get the correct component. Related Video: GM Statement General Motors is recalling 9,932 older midsize SUVs in the U.S. because they were mistakenly excluded from an earlier recall. Certain 2006 Chevrolet TrailBlazer EXT and GMC Envoy XL, and 2006-2007 TrailBlazer, Envoy, Buick Rainier, Saab 9-7X and Isuzu Ascender vehicles may continue to have a condition in which the printed circuit board inside the driver's door may corrode and short if exposed to certain fluids such as melted snow containing road salt. GM is aware of four fires but no crashes, injuries or fatalities associated with the expanded recall. The total number of vehicles being recalled, including Canada, Mexico and exports is 10.974. Customers are urged to park these vehicles outside until repairs have been made. GM reported this recall to the NHTSA on September 23.