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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.

Here's the 2016 Chevy Camaro Convertible

Chevrolet is planning to reveal the 2016 Camaro Convertible on Wednesday, June 24. But here it is ahead of time, thanks to some leaked images found by the folks at Camaro6.com. These photos were apparently posted to Chevy's website and then immediately taken down. But they clearly show the new droptop Camaro from a number of angles, with the top both up and down. Not surprisingly, the Camaro's design hasn't changed for the convertible body style, and it looks pretty good. Have a look at the low-res images in the gallery above. We'll have the full details later this week.

Chevy Cruze gets first official tease

The Cruze has been a runaway success for Chevy. In fact the company has sold over 3.5 million of them since its introduction in 2008. And now the company is preparing to roll out the all-new second-generation model, previewed in the teaser image above. Set to be unveiled on June 24, the 2016 Cruze promises to be larger, yet lighter, that the model it replaces. It will pack new engines, safety features, and technologies – including the integration of Android Auto and Apple CarPlay. The new Cruze will be based on the same platform that underpins the new Volt and (among others) the new Opel Astra just introduced in Europe. It'll be a vital model for Chevy, which sells the Cruze in 115 countries around the world – chief among them China, Brazil, Canada, and these United States, where sales continue to rise despite the model's age and impending replacement. Look for the second-gen Cruze to hit dealers early next year, joining a revitalized Chevy lineup alongside such notables as the new Spark, Malibu, and Camaro. Cruze Control: Success Paves Way for Next Generation Chevrolet's best-selling global car surpasses 3.5 million sales 2015-06-03 DETROIT – Chevrolet Cruze, the brand's best-selling car around the world, has surpassed 3.5 million global sales, a milestone that comes as Chevrolet prepares to introduce the next-generation Cruze on June 24. "When we introduced the Cruze it replaced 15 other compact vehicles around the globe," said Alan Batey, president, General Motors North America and global Chevrolet brand chief. "By consolidating design, engineering and marketing efforts, we were able to produce an award-winning, value-driven sedan that won over customers around the world." Cruze is sold in 115 countries. The top global markets include China, the United States, Brazil and Canada. In the United States, Cruze total sales were 273,060 in 2014 – a 10 percent increase over 2013. It is also the segment's second-best seller to customers under 25 in the U.S. Importantly, Cruze brings new buyers to Chevrolet – 35 percent of all buyers are new to the brand. Additionally, of those who trade in a Cruze, 56 percent stay with Chevrolet and 23 percent trade in for another Cruze. "In every corner of the globe, Cruze has been successful at introducing new and younger customers to Chevrolet," said Batey.