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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 Hummer EV SUV to be fully revealed during Final Four in April

GMC is going to use another large platform to reveal the next chapter in its Hummer story. The GMC Hummer EV SUV will officially be revealed on Saturday, April 3, at 5 p.m. ET during the Final Four. That’s the SUV, not the truck, which has already been revealed. YouÂ’ll be allowed to place a reservation for the SUV at the same time as itÂ’s unveiled during the basketball games. There are no further details about the SUV, but weÂ’ll point out that a decent preview of what the SUV will look like is already out and can be seen here. ItÂ’s going to look a whole lot like the pickup, but will of course be fully boxed in, as an SUV is. WeÂ’ll know more about what GMC has in store in just under a monthÂ’s time.  In addition to the news about the impending SUV, GMC released video footage of the pickup version undergoing winter testing in MichiganÂ’s snowy Upper Peninsula. You can see the video below. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. GM says that itÂ’s using this region to dial in and calibrate the truckÂ’s all-wheel-drive torque distribution, traction control system and stability control. Testing is conducted on snow, ice, and steep and split-friction grades. ThatÂ’s all GM is letting us in on for now, but at least we have the second version of the electric Hummer in our scopes now and will be eagerly anticipating its reveal. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

GM taps Honeywell's Quality Control System for Ultium battery plant

The Chevrolet Bolt recall has been so frustrating for General Motors that the automaker made an unexpected show of public hopelessness in saying it was "not confident" that LG — which produces the Bolt's batteries — could produce batteries without defects. Even though the remark came before investigation teams founds the source of the Bolt battery issue, it was even more strange considering GM and LG are still in bed together, the two having invested more than $2.3 billion in a 2.8-million-square-foot plant to make GM's Ultium batteries in Lordstown, Ohio. Now that GM has even more motivation to keep its Ultium batteries free of scandal, GM has tapped Honeywell for that company's Quality Control System at the Lordstown facility. The Honeywell QCS will monitor four of the production lines at the facility using "high-precision scanners and basis weight sensors." One of the parameters measured will be electrode coat weight, a key stat in battery performance. Another measurement and control company wrote, "Improving the electrode coating process is a significant part of the equation to delivering better quality and better performing cells – and coating uniformity is seen more and more as a critical requirement." Honeywell says it has more than 20 years of experience with lithium-ion technology, and the firm is already found throughout the green economy. A GM spokesman made sure to say that "the awarding of the Ultium contract to Honeywell has nothing to do with the Bolt recall." Yet in the Honeywell press release, a company director spoke words that could have come straight from GM, with, "Given the opportunity at hand, battery manufacturers such as Ultium Cells must be able to bring new solutions to market with confidence." The new Lordstown facility is scheduled to open in the first quarter of next year. It will employ more than 1,100 workers building the prime movers for coming EVs like the new Hummer and the Cadillaq Lyriq. Ideally, before then, GM will have found and fixed all of the Bolts with issues, and can begin its Ultium era under sunny skies. The automaker started accepting LG batteries again last week, the new batteries should begin reaching dealers around the same time Bolt production resumes on October 11. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Green GMC Safety Technology Electric