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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.

Zombie cars: A dozen discontinued vehicles people still buy new

Car models come and go, but as revealed by monthly sales data, once a car is discontinued, it doesn't just disappear instantly. And in the case of some models, vanishing into obscurity can be a slow, tedious process. That's the case with the 12 cars we have here. All of them have been discontinued, but car companies keep racking up "new" sales with them. There are actually more discontinued cars that are still registering new sales than what we decided to include here. We kept this list to the oldest or otherwise most interesting vehicles still being sold as new, including a supercar. We'll run the list in alphabetical order, starting with *drumroll* ... BMW 6 Series: 55 total sales BMW quietly removed the 6 Series from the U.S. market during the 2019 model year. It had been available in three configurations, a hardtop coupe, a convertible and a sleek four-door coupe-like shape.   BMW i8: 18 total sales We've always had a soft spot for the BMW i8, despite the fact that it never quite fit into a particular category. It was sporty, but nowhere near as fast as similarly-priced competitors. It looked very high-tech and boasted a unique carbon fiber chassis design and a plug-in hybrid powertrain, but wasn't really designed for maximum efficiency or maximum performance. Still, the in-betweener was very cool to look at and drive, and 18 buyers took one home over the course of 2021.   Chevy Impala: 750 total sales The Impala represented classic American tastes at a time when American tastes were shifting away from soft-riding sedans with big interior room and trunk space and into higher-riding crossovers. A total of 750 sales were inked last year.   Chrysler 200: 15 total sales The Chrysler 200 was actually a pretty nice sedan, with good looks and decent driving dynamics let down by a lack of roominess, particularly in the back seat. Of course, as we said regarding the Chevy Impala, the number of Americans in the market for sedans is rapidly winding down, and other automakers are following Chrysler's footsteps in canceling their slow-selling four-doors. Even if Chrysler never really found its footing in the ultra-competitive midsize sedan segment, apparently dealerships have a few leftover 2017 200s floating around. And for some reason, 15 buyers decided to sign the dotted line to take one of these aging sedans home last year.

Chevy dials up the razzle dazzle for Special Ops concept

Inspired by naval camouflage schemes used during the First World War, Chevy created the 2016 Silverado Special Ops concept, which is on display this week at the SEMA Show in Las Vegas. Based on the 1500 Z71, this Silverado wears a three-tone paint job that mixes different shades of blue, which Chevy says gives the concept visual depth. The appearance is a riff on early 20th Century color configurations used by the US and British navies. Called razzle dazzle, the look is meant to disguise ships' size, speed, and direction. On the Silverado, it simply adds character and gives the truck a more military bearing. The concept also gets flared wheel arches, a sport bar in the bed with LED lights, and a utility storage system. The grille is fitted with black accents and has a thin LED strip running across the top. Inside, orange is used for the door pulls and glove box handle, and the instrument panel and arm rests have more dazzle coloring. The truck also gets an upgraded exhaust kit, six-piston brakes, and a performance air intake. Chevrolet Introduces Silverado Special Ops Concept Military-inspired truck reinforces capability with go-anywhere style LAS VEGAS – Chevrolet's 2016 Silverado Special Ops concept imagines a unique rescue vehicle for special-operations forces. It is based on the Silverado 1500 Z71, which features a new front-end design and new technologies built into its strong, high-strength steel body structure and fully boxed frame, and draws its design inspiration from naval design aesthetics. "This Silverado concept is a multipurpose truck that reflects the go-anywhere, do-anything commitment of special-forces teams," said Jim Campbell, GM U.S. vice president of Performance Vehicles and Motorsports. The naval-inspired camo appearance, called Razzle Dazzle, was developed more than 100 years ago to disguise a ship's speed, direction and profile to the enemy's eye. It is based on a three-tone blue exterior color, marked by a distinctive array of varying colored lines and shapes intended to mask the ship. "We created light, medium and darker shaded areas within camouflage bands flowing down the hood, body sides and tailgate," said Todd Parker, director of design, Chevrolet Accessories.