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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 will weigh 9,046 pounds

In the 2000s, Hummer's unique breed of off-roaders summoned a dark cloud of disapproval from environmentalists because they were gas-guzzling SUVs with mammoth dimensions. GMC's born-again Hummer EV will escape the gas guzzler label by running solely on electricity, but it will be even bigger and much heavier than its predecessors. Enthusiast site GM-Trucks reported the Hummer EV will tip the scale at 9,046 pounds (4,103 kilos if you're outside of the United States) in its quickest configuration, and a GMC spokesperson told Autoblog that figure is accurate. For context, the H1 Alpha released for 2006 (and often considered the ultimate Hummer) weighed 8,113 pounds, the H2 checked in at 6,614 pounds with the 6.2-liter V8, and the H3 was comparatively light at 4,600 pounds. When it lands, the Hummer EV will be one of the heaviest new cars sold in the United States. Part of its plumpness can be attributed to its colossal dimensions; it measures 216.8 inches long, 86.7 inches wide, and 81.1 inches tall. In comparison, the H1 stretched 185 inches long, 87 inches wide, and about 78 inches tall. The electric powertrain also played a major role in slinging the Hummer's weight into dually pickup territory. Batteries are heavy, and the Hummer EV's Ultium pack reportedly has a capacity of over 200 kilowatt hours. It has three electric motors, too. Note the 9,046-pound figure applies only to the sold-out Launch Edition model, which will offer 1,000 horsepower, the aforementioned 200-kilowatt battery, and the supercar-like ability to hit 60 mph from a stop in three seconds. GMC will launch cheaper, slower, and presumably considerably lighter variants of the truck in the early 2020s. Although SUVs are often heavier than comparable trucks due to the additional sheet metal, the people-hauling Hummer should weigh less than the cargo-carrying variant. As we reported in April 2021, its output will be limited to 830 horsepower because it's 20 inches shorter than the truck, and the bigger battery pack doesn't fit in this footprint.

GM recalling 686k Lambda-platform models for hatch repair

General Motors is recalling 686,287 units of its Lambda platform crossovers. On models equipped with a power rear hatch the system can potentially fail. This campaign includes the 2008-2012 Buick Enclave, 2009-2012 Chevrolet Traverse, 2007-2012 GMC Acadia, and 2007-2010 Saturn Outlook. According to GM's documents to the National Highway Traffic Safety Administration (as a PDF), dirt can get into a portion of the strut that holds up the hatch and cause the part to prematurely fail. There's a redundancy in place called the Prop Rod Recovery system that's designed to shut the liftgate if there's a malfunction. However, if the breakdown happens too quickly after the hatch is opened the prop rod might not work the way it's supposed to. If someone were in the way of the falling liftgate, they could be hurt. For the repair, dealers will update the software for the power liftgate actuator motor control unit to prevent the hatch from closing so quickly. They'll also check the operation of the system afterward. Related Video: RECALL Subject : Liftgate Struts may Fail and Liftgate may Fall Report Receipt Date: JUN 30, 2015 NHTSA Campaign Number: 15V415000 Component(s): STRUCTURE Potential Number of Units Affected: 686,287 All Products Associated with this Recall Vehicle Make Model Model Year(s) BUICK ENCLAVE 2008-2012 CHEVROLET TRAVERSE 2009-2012 GMC ACADIA 2007-2012 SATURN OUTLOOK 2007-2010 Details Manufacturer: General Motors LLC SUMMARY: General Motors LLC (GM) is recalling certain model year 2008-2012 Buick Enclave vehicles manufactured January 3, 2007, to February 29, 2012, 2009-2012 Chevrolet Traverse vehicles manufactured July 6, 2008, to February 29, 2012, 2007-2012 GMC Acadia vehicles manufactured September 15, 2006, to February 29, 2012, and 2007-2010 Saturn Outlook vehicles manufactured August 17, 2006, to March 18, 2010. The affected vehicles, equipped with the power liftgate option, have gas struts that hold the power liftgate up when open. These struts may prematurely wear and the open liftgate may suddenly fall. CONSEQUENCE: If the open liftgate unexpectedly falls, it may strike a person, increasing their risk of injury. REMEDY: GM will notify owners, and dealers will update the software for the power liftgate actuator motor control unit so that the motor will prevent the rapid closing of the lift gate, free of charge. The manufacturer has not yet provided a notification schedule.