1969 Corvette Convertible Project 69 Vette Roadster on 2040-cars

Auto blog

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.

GM puts 3 million miles on hydrogen fuel cell test fleet

Have General Motors' hydrogen fuel-cell vehicles emitted enough water vapor over the past six-plus years to equal the steam coming out of Old Faithful? Not exactly, but GM has released a few figures related to the Project Driveway initiative it began in 2007. The numbers are impressive, if not quite of the geyser-spouting variety. In all, the General converted 119 Chevrolet Equinox SUVs to run on hydrogen, and those vehicles have just collectively surpassed the 3 million mile mark. And if you were waiting for us to tell you that the distance equals a half-dozen round trips between the earth and the moon, well, there you go. The better news is that the SUVs have combined to save almost 158,000 gallons worth of gas, and some of the vehicles have more than 120,000 miles on them. More than 5,000 drivers have participated in the project. GM reached that landmark about 10 months after it announced that it was working with Honda to accelerate the development of hydrogen fuel-cell powertrain technology. The two companies estimated last summer that it may have something to sell to the public as soon as 2020. For now, you can check out General Motors' press release below. GM Fuel Cell Fleet Tops 3 Million Miles Chevrolet Equinox fuel cell vehicles driven in real world reach milestone DETROIT – General Motors' fleet of fuel cell vehicles recently passed 3 million miles of hydrogen-powered, real-world driving. Some individual vehicles have accumulated more than 120,000 miles. By GM's estimate, using hydrogen to power these vehicles, the fleet has avoided 157,894 gallons of gasoline consumption. This specially equipped fleet of Chevrolet Equinox Fuel Cell vehicles are part of GM's 119-vehicle Project Driveway program, which launched in 2007. Since then, more than 5,000 drivers have provided feedback on the functionality and drivability of fuel cell technology. "Hydrogen fuel cell technology is an important part of GM's advanced propulsion portfolio and we continue to make substantial progress in furthering this technology," said Charlie Freese, executive director of GM's global fuel cell engineering activities. "These vehicles have operated through seven full winters and a wide range of environmental conditions, proving that fuel cells can meet the demands of real-world drivers." Last year, GM announced two fuel cell-related collaborations.

2016 Green Truck of the Year, Commercial Green Car of the Year finalists

Not only are commercial-grade haulers getting more green love lately, they're getting more different kinds of green love. The 2016 Green Truck of the Year, the second time the award has been handed out, is being decided by judges from Green Car Journal and the San Antonio Auto & Truck Show. This year the award is joined by the new 2016 Commercial Green Car of the Year, which crowns one of the little vans increasingly used by small business as cargo and delivery vehicles. The Green Truck of the Year finalists are the Chevrolet Colorado Duramax (pictured), Ford F-150, GMC Canyon Duramax, Nissan Titan XD, and Toyota Tacoma. The first three of those were on last year's list, but since they are completely new or upgraded for 2016 - Ford with its all-aluminum body, the General Motors twins with the new diesel Duramax engine - they qualify for entry again. The Ram 1500 EcoDiesel won last year. The Commercial Green Car finalists are the Chevrolet City Express, Ford Transit Connect, Mercedes-Benz Metris, Nissan NV200, and Ram ProMaster City. You can read more details in the presser below, and the awards will be announced in San Antonio sometime during the show from November 19-22. San Antonio Auto & Truck Show Announces 2016 Green Truck of the Year and Commercial Green Car of the Year Finalists SAN ANTONIO, Oct. 22, 2015 /PRNewswire/ -- Green Car Journal and the San Antonio Auto & Truck Show have announced finalists for the 2016 Green Truck of the Year™ and 2016 Commercial Green Car of the Year™ awards. The Green Truck of the Year™ nominees are the Chevrolet Colorado Duramax, Ford F-150, GMC Canyon Duramax, Nissan Titan XD, and Toyota Tacoma. Vying for the all-new 2016 Commercial Green Car of the Year™ award are the Chevrolet City Express, Ford Transit Connect, Mercedes-Benz Metris, Nissan NV200, and Ram ProMaster City. "Over the past few decades, new car models have benefitted from design and technology improvements that have brought higher fuel efficiency and greater levels of environmental compatibility," said Green Car Journal and CarsOfChange.com Editor and Publisher Ron Cogan. "With models like these ten deserving finalists, we're witnessing the pickup and light commercial vehicle field enjoying the same attention." The new Commercial Green Car of the Year™ award is part of an expanded awards program presented at this year's 2015 San Antonio Auto & Truck Show.