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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.

2016 GMC Canyon Diesel Quick Spin [w/video]

The 2016 GMC Canyon Diesel and the 2016 Chevrolet Colorado Diesel are basically the same truck. This isn't really news – the two midsize pickups have been discussed side by side since their inception. If you stop reading right now, go to our First Drive story from last week, and replace "Colorado" with "Canyon," you won't miss a beat. Samesies. Looks-wise, the Canyon is a bit more polished overall than the Colorado on which its based. The front fascia has a more upscale, yet tough aura, the squared-off headlamps mimic those of the Sierra, and the alloy wheels – especially those on this SLT tester – are a premium touch. Inside the cabin, it's all carryover stuff from the Chevy truck, just with different badges and some unique color/trim combos. So it's a Colorado Diesel with a Canyon treatment. It's the typical GMC updo. But that's fine by me; this thing's a real sweetheart. Driving Notes Talk about smooth operator. This is one of the least harsh diesel engines I've ever tested, with low levels of vibration. Credit for that goes to the fancy German torque converter, as our own David Gluckman detailed in the Colorado First Drive. There's there's also very little in the way of turbo lag in this truck, aiding the silky character. I kind of miss the "turbo moment" woosh of power, but I'll happily trade that for total overall refinement. GMC hasn't released official fuel economy figures just yet, and my drive route wasn't exactly great for testing the ol' miles per gallon rating. I spent about 45 minutes slogging through traffic in Manhattan (perfect place for a diesel pickup, right?), before getting out onto the highway for another 45 or so. The combined trip returned numbers in the mid-20s, but I have to believe this truck can do better. The steering is vague, the body rolls – it drives like a pickup. That said, even though it's on the larger side of midsize, the Canyon is easy to maneuver, sight lines are great, and it's a generally pleasant-handling truck. The 2.8-liter Duramax diesel engine adds about 200 pounds to the Canyon's overall curb weight, but you don't notice from behind the wheel. Braking feel is smooth and solid, and the truck doesn't feel especially nose-heavy. Despite the anti-aero shape, the Canyon delivers a quiet ride with very little wind or road noise. Credit this to all the sound deadening material added to keep unpleasant diesel chugga-chugga-chugga noises out of the cabin.

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