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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.

2021 GMC Canyon trims overhauled, SL and SLT disappear

Until this year, the GMC Canyon has offered six trims in two drivetrains: SL, a base model simply called Canyon, SLE, All Terrain, SLT, and Denali, with all but the SL available in either 2WD or 4WD. GM Authority credits "dealer sources" for news that the 2021 Canyon has had its trim steps overhauled. According to the chart in the report, the SL and SLT are no more, the base Canyon gets replaced by a trim called Elevation Standard, and SLE turns into Elevation. We already know that All Terrain has given way to AT4, while Denali remains in the top spot. Trim content doesn't change with the names, but there's no equivalent for the SLT trim in terms of spec. The GMC site lists the 2020 SLE and SLT on the same page, and a shopper must burrow into the spec comparison page to figure out the differences. The SLT only comes with the 3.6-liter V6 and eight-speed transmission, and makes features like remote start, climate control, heated mirrors, heated seats, hitch guidance, and a spare tire standard equipment. It also chromes the exterior door handles, and offers a Cocoa/Dune leather interior that can't be had on the SLE. It's possible the SLT's $4,700 premium over the SLE led more buyers to start with the SLE and add the engine and options they wanted.   We have a number of questions that we'll need to wait for GMC's official announcement to answer. The 2020 Canyon offers an Elevation Edition package for $650 that adds a black grille with body-colored surround, and 18-inch Satin Graphite wheels in all-terrain rubber. There's also a California Elevation Special Edition for $1,195 with all-weather floor liners, assist steps, and mud flaps. They could be optioned on the SLE but not the SLT. With the addition of two Elevation trims, we'll find out if the packages get renamed or go away. Separately, CarBuzz spotted a 2021 GM Fleet Order Guide that mentions a leveling kit option, LPO Code SQS, for the Canyon and the Chevrolet Colorado. We noted the inclusion of a leveling kit in the coming Canyon AT4 Off-Road Performance Package. According to the order guide, the option can be ordered only for the Canyon AT4 trim, but it's not clear if that's an a la carte choice or if buyers must order the Off-Road Performance Package. On the Chevy, the rake-removal equipment can be had with the Colorado 4x2 Z71 or the 4x4 Work Truck, LT, and Z71. Related Video:

7 major automakers to build open EV charging network

A new joint venture established by BMW, GM, Honda, Hyundai, Kia, Mercedes-Benz and Stellantis will build a new North American electric vehicle charging network on a scale designed to compete with Tesla's industry-benchmark Supercharger network. The 30,000-plus planned new chargers will accommodate both Tesla's almost-standard North American Charging System (NACS) and existing automakers' Combined Charging System (CCS) options, effectively guaranteeing compatibility with the vast majority of current and upcoming electric models — whether they're from one of the involved automakers or not.  "With the generational investments in public charging being implemented on the Federal and State level, the joint venture will leverage public and private funds to accelerate the installation of high-powered charging for customers. The new charging stations will be accessible to all battery-powered electric vehicles from any automaker using Combined Charging System (CCS) or North American Charging Standard (NACS) and are expected to meet or exceed the spirit and requirements of the U.S. National Electric Vehicle Infrastructure (NEVI) program." Critically, the automakers involved will have a say in how the charging tech is implemented, guaranteeing that the hardware will play nicely with each automaker's in-house charging systems. Hyundai and Kia, for example, were hesitant to jump on board the Tesla NACS bandwagon earlier this year over concerns that the Supercharger network is insufficient for powering the two automakers' 800-volt charging systems; similar tech is used by Volkswagen and Porsche.  In addition to providing much-needed capacity and high-output charging for America's growing fleet of electric cars and trucks, the new network will integrate seamlessly with each automaker's in-app and in-vehicle features, rather than forcing customers to use third-party tools and payment systems, as is the case with some existing public charging infrastructure.  "The functions and services of the network will allow for seamless integration with participating automakersÂ’ in-vehicle and in-app experiences, including reservations, intelligent route planning and navigation, payment applications, transparent energy management and more. In addition, the network will leverage Plug & Charge technology to further enhance the customer experience," the announcement said.