Join our daily newsletter At The Bell to receive exclusive market insights
- General Motors plans to double its annual revenue and expand margins to 12 to 14 per centby 2030 by further accelerating its electric vehicle offerings
- The car manufacturer already produces a number of EVs via GMC, Chevrolet and its other brands, with plans to expand its range further
- The US business believes EV sales will total US$10 billion (A$13.74 billion) in 2023, before growing to US$90 billion (A$123.6 billion) by 2030
- GM will also challenge Tesla in the autonomous vehicle market, with its Cruise AV tipped to bring in US$50 billion (A$68.9 billion) in revenue by 2030
General Motors plans to double its annual revenue by 2030 by further accelerating its electric vehicle (EV) offerings.
The US car manufacturer already produces a number of EVs via its Chevrolet, GMC and other vehicle brands, but plans to expand its line further.
GM aims to double annual revenues and expand margins to 12 to 14 per cent by the 2030 target as EV production scales upwards, battery costs decline and the business launches new software and platforms.
Chair and CEO Mary Barra explained all the EVs would be built using common parts and its Ultium battery.
“GM has changed the world before and we’re doing it again,” Ms Barra said.
“We have multiple drivers of long-term growth and I’ve never been more confident or excited about the opportunities ahead.”
The leading manufacturer believes EV sales will total US$10 billion (A$13.74 billion) in 2023, before growing to US$90 billion (A$123.6 billion) by 2030.
To support the growth, GM plans to spend US$750 million (A$1.03 billion) on charging infrastructure across North America.
Chief Financial Officer Paul Jacobson said he was confident GM’s range of EVs would prove popular with consumers.
“GM is unlocking a secular growth story that is changing the trajectory of our business,” Mr Jacobson said.
“Simply stated, we are at an inflection point in which we expect revenue to double by 2030 while also expanding our margins.
“We will achieve this by growing our core business of designing, building, and selling world-class cars, electric and autonomous vehicles, growing software and services with high margins and entering and commercialising new businesses.”
Along with its EV push, General Motors also plans to challenge Tesla with its own autonomous vehicle offering — the Cruise.
Some of the Cruise AVs are based on the Chevrolet Bolt model and GM expects the self-driving cars to bring in US$50 billion (A$68.9 billion) in revenue by 2030.
