Wall Street still views GM as a "dividend" stock rather than a meme stock like Tesla.
GM (Mary Barra and team) keep trying to change that narrative, even had a bunch of analysts come in and see all the work they are doing on autonomous cars (Cruise Automation), the EV initiatives (Ultium, the EV rollouts), and they downgraded the stock because they can't see GM doing what they are clearly doing. Until GM has more EV models out there in 2023, 2024, 2025 the analysts just see GM as an ICE truck builder, but not an EV innovator "like Tesla". I think that perception will change, but not for another year or two. Assuming GM continues to execute of course.
The thing with Tesla is they are always late, their after sale service seems to be sub-par (GM dealers have seen an increase is servicing Teslas), their models are old, and Musk has a big mouth. Now many, many car companies are starting to ramp up their EV offerings. There will be lots of alternatives to Tesla. Of course if you read the Tesla fan club comments Tesla is the only car company that remains after all the others are gone because they could not figure out how to EV innovate. I think the only major advantage Tesla has is the charging stations, but the public and private networks are expanding so that advantage is slipping.