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General Motors (GM) was named Yahoo Finance's 2024 Surprise of the Year. The automaker's stock is up more than 40% in a year in which rivals Ford (F) and Stellantis (STLA) saw their share prices fall by double-digit percentages.
GM CEO Mary Barra credits the company's portfolio of vehicles, telling Yahoo Finance Executive Editor Brian Sozzi, "We have the strongest internal combustion engine portfolio we've had in a long time. And this, for General Motors, was the year of EVs. The portfolio of EVs that we have that cover the different segments, from luxury to value, really has given consumers choice between ICE and EV and I think that's what's fueling our profitability."
Looking ahead, Barra wants to work on scaling the EV business because "scale is going to be so important to drive to profitability." She also acknowledged that "difficult decisions" were made in order to set GM up for success, including exiting the robotaxi business and absorbing the Cruise unit into the division developing fully autonomous personal vehicles.
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On GM's plan to make only electric vehicles by 2035, Barra says it will ultimately be up to what the consumer wants. "We're going to be guided by the consumer. We want to give the consumer choice. What do they want to drive? We don't want to get into a situation where regulations are driving us to force something into the market that's not what they want."
Watch the video above to hear what Barra has to say about the possibility of more tariffs on the horizon.
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This post was written by Stephanie Mikulich.