GM’s all-electric future may double annual revenues by 2030
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General Motors is set to unveil plans to double its annual revenues by 2030 and increase its margins as the automaker transitions to an all-electric future.
GENERAL MOTORS OPENING NEW LAB FOR ELECTRIC VEHICLE BATTERY DEVELOPMENT IN MICHIGAN
On Wednesday, GM executives will outline the company's plan to dominate the U.S. EV market share while growing its profits from internal combustion engine vehicles.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GM | GENERAL MOTORS CO. | 58.53 | +2.85 | +5.12% |
"GM’s vision of a world with zero crashes, zero emissions and zero congestion has placed us ahead of much of the competition in electrification, software-enabled services and autonomy," GM Chair and CEO Mary Barra said in a statement.
General Motors Chairman and CEO Mary Barra talks with media prior to the start of the 2018 General Motors Company Annual Meeting of Stockholders Tuesday, June 12, 2018 at GM Global Headquarters in Detroit, Michigan. (Photo by Steve Fecht for General
The company's growth will by driven by its Ultium modular EV platform, which offers a broad portfolio of electric vehicles including the Chevrolet crossover, priced at around $30,000, Buick crossovers, trucks from Chevrolet, GMC and Hummer, and Cadillac EVs, including the upcoming Lyriq and Celestiq vehicles. In addition, GM plans to make more than 50% of its North American and Chinese manufacturing footprint capable of EV production by 2030 and has committed to source 100% renewable energy for its U.S. facilities by 2025.
Meanwhile, GM will offer "product and technology immersions" on Thursday, including ride and drive opportunities in the GMC Hummer EV and experiences with Super Cruise, GM’s advanced hands-free driving technology that is expanding to 22 different models by 2023. GM executives, software developers and engineers will also discuss new business ventures including BrightDrop, OnStar Insurance, Ultium Charge 360, e-commerce, and subscription services.
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Wednesday's announcement comes as GM plans to spend $35 billion to boost its investments in all-electric and autonomous vehicles and take on rivals including Tesla. and Ford.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 352.56 | +12.92 | +3.80% |
| F | FORD MOTOR CO. | 11.18 | +0.38 | +3.47% |
GM will launch 30 EVs globally by 2025, with around 20 of them available in the United States.
"Our early investments in these growth trends have transformed GM from automaker to platform innovator, with customers at the center. GM will use its hardware and software platforms to innovate and improve their daily experience, leading everybody on the journey to an all-electric future" Barra added.
Investors can watch Wednesday's presentation here beginning at 1 p.m. Eastern.
GM shares have gained 29% this year, nearly double the S&P 500's 15% run.