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GM EV600 electric delivery truck. Photo: GM

General Motors is finding love on Wall Street, something it hasn't experienced in a very, very long time.

What's happening: Investors are beginning to give credence to the Detroit automaker's electric vehicle strategy — or they're looking for a cheaper way to participate in the Tesla-inspired run-up in electric vehicle stocks.

Driving the news: GM was "the star of the show" at this week's virtual CES, EV bull Dan Ives, a Wedbush Securities analyst, said in a note Thursday.

  • In a keynote address, GM CEO Mary Barra said the industry had reached "an inflection point" for electric vehicles, and outlined progress on the company's Ultium battery technology and several upcoming EVs.
  • Barra also unveiled a new electric vehicle business unit, BrightDrop, focused on deliveries and logistics, with FedEx among its first customers.

What they're saying: While Tesla and other EV upstarts soared, GM stock has languished for years, despite record profits. Now analysts say that investors may have underestimated GM's potential.

  • GM's EV strategy "lays out a new path of growth for the company and makes them a major player in the EV industry for years to come," Ives said.

By the numbers: Shares of GM have gained 46% in the past 12 months, compared with gains around 16% for the S&P 500 index.

  • Shares of GM have gained 46% in the past 12 months, compared with gains around 16% for the S&P 500 index.

Yes, but: GM's $74 billion market cap is still one-tenth the size of Tesla's.

Go deeper

Jan 29, 2021 - Podcasts

When investing goes viral

You've likely heard the headlines this week about the stock market mania around GameStop. But this isn't just about the stock market. It's a kind of populist uprising borne of the Internet.

  • Plus, what’s behind GM’s big electric vehicle announcement.
  • And, the new Wild West is in outer space.

Stock market has worst week since October amid Reddit frenzy

Photo: Tiffany Hagler-Geard/Bloomberg via Getty Images

Wall Street had its worst week since October as day traders bid up stocks for GameStop, AMC and others that gained popularity on Reddit.

Details: The S&P 500 fell more than 1.9% on Friday. All of the major averages fell more than 3% this week.

2 hours ago - Health

WHO: Not yet known whether Omicron leads to more severe disease

Photo illustration: Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

The World Health Organization on Sunday said that it is not yet clear whether the newly discovered Omicron variant is more transmissible than other strains of the COVID-19 virus.

Why it matters: The agency's statement comes as the variant, discovered in South Africa, has already been detected in European and Asian countries.

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