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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.

GMC Sierra EV AT4, Chevy Silverado EV Trail Boss caught in spy photos

We've known for a while now that GMC and Chevy have been working on AT4 and Trail Boss versions of their respective Sierra EV and Silverado EV pickup trucks. But we're getting our best look yet at them with these spy photos. They give us a better idea of what body changes there will be, as well as a close-up of the tires, giving us their size and type. Some basics of off-road trim levels are obvious to spot. Both trucks feature bright red recovery hooks up front. But beyond that, there isn't much different from the outside of either truck compared to the base examples of each. The front bumpers are basically the same profile as the base bumpers, with the exception of the recovery hooks. The Silverado has natural black plastic fender flares, whereas the GMC has body color examples with integrated marker lights. They both get the same standard side steps, and the rear bumpers also appear unchanged. Each of these is equipped with the MultiPro/Multi-Flex tailgate. Chevrolet Silverado EV Trail Boss prototype View 14 Photos Really the biggest change appears to be in the wheels and tires. Each of them have unique designs, but they have the same dimensions. They're 18-inch wheels with 285/75R18 tires. That comes out to just shy of 35 inches in diameter, a good size of tire for an off-roader — and note how it doesn't even look all that large on such big trucks. Said tires are Goodyear Wrangler Territory AT all-terrains. The gas-powered trucks come with slightly narrower (275) mud-terrain versions as standard. Both of these trucks should start somewhere below the range-topping first edition models the two brands are currently marketing to the public, which hover between $95,000 and $110,000 depending on specification. The Silverado WT does start at just under $80,000, and we would expect the Trail Boss and the Sierra EV AT4 to come in somewhere above that, possibly between $85,000 and $90,000. Specifications are a mystery. It seems likely that at least the Silverado will get the WT's dual motors with 510 horsepower and 615 pound-feet of torque. The GMC could potentially get the more powerful motors making 754 horsepower and 785 pound-feet of torque as a way to differentiate itself, though this is speculation. The 204-kWh battery pack is probable, though there are rumors that at least GMC is going to start offering a smaller, more affordable 170-kWh pack that could be an option.

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: