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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.

2022 Chevy Silverado HD gains Multi-Flex tailgate as an option

GM is spreading the Multi-Pro Tailgate love around its truck lineup, and the Silverado HD is the latest pickup to gain the option. Just like the 2021 Silverado 1500, Chevy uses the “Multi-Flex” name for it in the HD, eschewing GMCÂ’s “Multi-Pro” branding for the bowtie vehicles. YouÂ’ll be able to option the tailgate on 2022 model year Silverado 2500HD and 3500HD models. ItÂ’ll be available optionally in every trim, so thereÂ’s no need to grab a more expensive trim to gain access to the trick tailgate — youÂ’re also not required to take it in higher trims. Functionality is the same as the standard Silverado and Sierra.  The primary gate opens and closes like any other tailgate out there. ThereÂ’s a primary gate load stopper that allows you to put the gate down and still keep things from flying out the back (it can also be arranged such that the load stopper is at a higher height by using the inner gateÂ’s stopper). The inner gate folds down perpendicular to the ground to allow closer access to the bed. A full-width step is available if you fold both “gates” down and pop out the inner panel. And lastly, the inner gate can be lowered to use it as a small work space. You can watch the short video above to get a quick run through of all the positions, or scroll through the gallery at the top of this post. Besides the tailgate, Chevy says the 2022 Silverado HD is gaining a new Greenstone Metallic exterior paint color. Other changes for 2022 were not detailed at this time, but Chevy says the trucks with this tailgate should be available sometime this summer. Related video:

Stolen '57 Chevy Returned To Owner After 30 Years

Three decades after it was stolen, a 1957 Chevrolet Bel Air has been returned to a Northern California man - in better shape than when he originally owned it. The Santa Rosa Press Democrat reports Ian "Skip" Wilson was shocked to get a call from the California Highway Patrol informing him that his long-lost Chevy was taken off an Australia-bound cargo ship. The 65-year-old says the car has had a lot of work done on it since it disappeared from his Lake County home in 1984. It was returned with a monogrammed interior, 17-inch racing wheels, rack-and-pinion steering and a 350-horsepower V-8 engine. The retired mechanic says the two-door was in sorry shape when he bought it for $375 in 1975 with plans for fixing it up. Related Gallery 2014 Chevrolet Corvette Stingray Test Drive View 9 Photos Weird Car News Chevrolet Safety