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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 GMC Sierra Super Cruise First Drive | Now with trailering and automatic lane-changing

Although the updated late-model year 2022 GMC Sierra is still a little ways off (In fact, it hasn't even been revealed), we've had an opportunity to try one of its headlining features: Super Cruise. But it's not quite the Super Cruise you know from the current Cadillac line. The new Sierra will be getting a newer version with two features: the ability to execute lane changes and passes automatically, and the ability to operate with a trailer. We tried the system at GM's proving grounds in Milford, Mich., and our test vehicles were 2022 Sierra prototypes. Though the trucks themselves are early examples with features not finalized, GMC representatives said the Super Cruise system is pretty much finished. The system uses close and long-range radar sensors at the front and a new set of radar sensors at the back, plus the truck's various cameras. It also utilizes the mapping data that GM has accumulated for the system to ensure it operates on approved roads and has detailed information about where the car is. Now, the first new feature enabled by the updated Super Cruise is the automatic lane-change system. The current system can change lanes on its own, but it must be prompted by a press of the turn signal. That feature remains intact, but now, if you approach a slower vehicle on a multi-lane highway, Super Cruise can check the lane next to you to see if it's safe to merge, change lanes, and then return to the original lane once the slow-moving vehicle has been passed. This is where those rear radar sensors come in. We tried it three times on GM's big banked oval course, and it did it impressively smoothly. It was able to make the decision proactively, too, making the decision to change a good distance before we were on top of the slow moving car. Oh, and of course, because this is Super Cruise, it all happened without us having to touch the wheel. Our automatic lane change test was followed by trying Super Cruise with a trailer. Now, it's important to note that the automatic lane-changing functionality won't work with a trailer. This is because that function depends on a set of radar systems at the back of the truck that are blocked by a trailer. Apart from that, the rest of Super Cruise's functions still work just fine. To make this possible (and safe), the system is able to estimate the weight of the trailer and adjust following distance accordingly, allowing it to safely slow down as needed.

Porsche and Buick earn top honors in J.D. Power Sales Satisfaction Index Study

Customer satisfaction with car buying has been at a low point over the past few years, as price increases, inventory shortages, and COVID restrictions have complicated every part of the process. There are signs of improvement, however, as J.D. Power’s 2023 U.S. Sales Satisfaction Index Study showed that customer satisfaction has improved slightly from a year ago. J.D. Power rates satisfaction on a 1,000-point scale, finding that it improved seven points to 793 from last year. Improving inventory levels and a slow leveling off of prices have contributed to that improvement, and fewer people are paying above MSRP for new cars. Some auto brands performed better than others with sales satisfaction. Porsche ranked highest among premium brands, followed by Alfa Romeo. Buick took the top spot among mass-market brands, with GMC, Chevrolet, and Mitsubishi behind. J.D. Power also handed out segment-level awards: Premium Cars: Porsche Premium SUV: Porsche Mass-Market Car: Chevrolet Mass-Market SUV/Minivan: GMC Mass-Market Truck: GMC Despite the increase in sales satisfaction, thereÂ’s still room for improvement to reach pre-pandemic levels. J.D. Power noted gaps in salesperson knowledge as an area of improvement. Buyers rated salespeople much better during a gas vehicle purchase than with EVs, citing their expertise as a challenge. Pricing remains a challenge despite an improvement since 2022, and satisfaction is still below pre-pandemic levels. Mass-market buyers reported a slight bump in satisfaction, while premium buyers felt that pricing was less fair than a year before. ItÂ’s an interesting contrast, showing that dealer pricing tactics can significantly impact satisfaction with the sales process. Fewer people may be paying more than MSRP, but several premium models still list with significant markups. Even more interesting is PorscheÂ’s top spot on the satisfaction list, as its cars often sell with huge upcharges, and itÂ’s exceedingly tricky even to get a build allocation for some models. Buick Chevrolet GMC Porsche Car Buying Ownership