GM sets to double revenue, lead US in electric vehicle sales
WARREN, Mich. — General Motors plans to cash in as the world switches from combustion engines to battery power, promising to double its annual revenue by 2030 with an array of new electric vehicles, profitable gas-powered cars and trucks, and services such as an electronic driving system that can handle most tasks on the road.
In announcements Wednesday ahead of a two-day investor event in suburban Detroit, the company also pledged to unseat Tesla and become the electric vehicle market share leader in U.S., although no time frame was given.
The company also teased upcoming new electric vehicles including a Chevrolet small SUV that will cost around $30,000, as well as electric trucks from Chevrolet and GMC, SUVs from Buick, and luxury vehicles from Cadillac. An electric Chevrolet Silverado pickup truck that can go 400 miles (640 kilometers) per charge will be unveiled at the CES gadget show in January. A GMC electric pickup will follow.
The $30,000 Chevy SUV should bring serious sales to GM because it’s the size of the Equinox, GM’s second-best selling vehicle, President Mark Reuss said. He said the company is working on a Chevy Blazer electric SUV, as well as a smaller vehicle at a lower price point. He gave no details.
Reuss also said the company is going to create a dedicated factory to build electric trucks, from an existing facility.
The Detroit automaker plans to have more than half of its North American and China factories be capable of making electric vehicles by 2030.
GM also pledged to increase its investment in EV charging networks by nearly $750 million through 2025.
GM’s average annual revenue over the past five years is $140 billion, so doubling that would be about $280 billion. The company also pledged to raise pretax profit margins from the current 8 percent to at least 12 percent.
To get there, CEO Mary Barra said revenue would rise from selling internal combustion vehicles, with additional revenue from adding electric vehicles. GM also plans to raise cash from software and subscription services including insurance and its OnStar safety system.