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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.

Hummer teases crab mode, reveal set for Oct. 20

DETROIT — GMC confirmed it will reveal the Hummer electric off-roader Oct. 20 and released a video teasing the vehicleÂ’s so-called crab mode. Crab mode allows the Hummer to move diagonally and is enabled by the vehicleÂ’s four-wheel steering. The video shows tires, and well, a crab. “When you're in the really difficult terrain, this just gives you unparalleled maneuverability,” said Duncan Aldred, global vice president of Buick GMC. The Hummer will be offered as truck and SUV models, and customers will be able to make reservations beginning on the reveal date. Deliveries are expected to begin in fall 2021. The Hummer was supposed to be revealed May 20, but was delayed due to the Covid-19 pandemic. The Hummer was teased in a Super Bowl ad this year with NBA superstar LeBron James, who is the vehicle's frontman. It will have several EV powertrains which General Motors calls Ultium, and the most capable variant will have an estimated 1,000 hp and hit 60 mph in three seconds. The Hummer will also offer removable roof panels. “This is very much going to be a luxury vehicle which competes against a broad spectrum,” Aldred said Monday on a conference call with reporters. The Hummer will take aim against a variety of vehicles, including the four-door Bronco, RivianÂ’s truck and SUV and the Jeep Wrangler 4xe. Aldred is optimistic the return of the Hummer name will help GMC carve its niche in this growing segment of trucks and SUVs with varying degrees of electric propulsion and off-road capability. GM sold vehicles under the Hummer brand from 1992-2010, before scrapping it in the wake of GMÂ’s historic 2009 bankruptcy and restructuring. Hummer is relaunching under the GMC umbrella. “ItÂ’s real desirability, itÂ’s almost cult-like status,” Aldred said. “I think a huge amount of people are going to have interest in this.” GM, which is re-emphasizing its defense division, could also repurpose the Hummer for military use, perhaps as transport vehicles. Hummers are descended from the Humvee, which is still used by U.S. forces.

GM claims it's first to sell million 30+ mpg vehicles

As we continue to put together all the data for the year-end edition of By The Numbers, General Motors has announced that it sold more than a million vehicles in the US last year that achieved at least 30 miles per gallon on the highway. More impressively, GM managed this feat using multiple strategies including small vehicle size, turbocharged engines and hybrid or plug-in technologies across four brands (Buick, Cadillac, Chevrolet and GMC) accounting for 13 separate models. This number will grow even more in 2013 thanks to cars like the all-electric Spark, the diesel Cruze, the range-extended Cadillac ELR and the Buick Encore compact CUV.
GM's small car sales were up 39 percent last year helping to attain this million-sales mark for 30-mpg models, and almost 40 percent of all GM sales consisted of cars with fuel-efficient I4 engines. In regards to more advanced means of improving fuel economy, GM says that it plans on having 500,000 vehicles with "some form of electrification" on the road by 2017.
Scroll down for the full list of GM's million 30+ mpg cars as well as an informative press release.