General Motors (GM) has been named Yahoo Finance’s surprise of the year for 2024. The auto company’s stock has risen more than 40% in a year when rivals Ford ( F ) and Stellantis ( STLA ) saw prices drop by double-digit percentages.
GM CEO Mary Barra praises the company’s vehicle portfolio, telling Yahoo Finance Editor-in-Chief Brian Sozzi, “We have the strongest internal combustion engine portfolio we’ve had in a long time. And this, at General Motors, has been the year of EVs. The EV portfolio that we have is very diverse. , from comfort to value, has given consumers a choice between ICE and EV and I think that’s fueled our profitability.”
Looking ahead, Barra wants to work on scaling the EV business because “scale is going to be critical to moving forward in profitability.” He also acknowledged that “tough decisions” were made to set GM up for success, including exiting the robotics business and putting the Cruise division into a segment that develops fully autonomous human vehicles.
As for GM’s plan to make all-electric cars by 2035, Barra says it will ultimately come down to what the consumer wants. “We will be guided by the consumer. We want to give the consumer a choice. What do they want to drive? We don’t want to get into a situation where the laws force us to force something that is not on the market. What they want.”
Watch the video above to hear what Barra has to say about the possibility of more spending on the horizon.
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This post was written by Stephanie Mikulich.
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