GM says it will double revenues by 2030 with EVs planned, tech platform growth
Warren — General Motors Co. told investors Wednesday it plans to rapidly scale electric vehicle production and build out its new businesses to double revenuesto about $280 billionby 2030 and increase profit margins.
As it transitions to an electric automaker, GM is also focused on becoming known as a tech company with digital subscription service offerings it plans to monetize, as well other new businesses it recently introduced, including BrightDrop, which is focused on developing electric solutions for the delivery and logistics industry.
GM aspires to have an emissions-free lineup by 2035 and 1 million EVs on the road globally by 2025. To get there, it plans to spend $35 billion on electric and autonomous technology development by mid-decade. The automaker plans to introduce 30 EVs globally in that same timeframe, with two-thirds available in North America.
"We see, especially in the initial days, EVs being plus volume, so we see a tremendous opportunity to grow from an EV perspective," CEO Mary Barra said in a media briefing Wednesday.
Barra added that new businesses, like GM's OnStar Insurance and GM Defense, and its subscription models, like Super Cruise, GM's self-driving technology and Cruise LLC, "will really allow us to get that doubling effect on revenue."
New EVs coming
GM revealed Wednesday plans for high-volume EVs based on its new Ultium electric platform, including an unnamed electric $30,000 Chevrolet crossover, as well as Buick crossovers and trucks from Chevy, GMC and Hummer. Cadillac, GM's leading EV brand, will also have more EVs coming in addition to the Cadillac Lyriq and Celestiq.
Coming up first is the GMC Hummer EV truck this year, followed by the all-electric Cadillac Lyriq crossover next year. The automaker is also planning a Hummer EV SUV and electric Silverado pickup, as well as an electrified GMC truck.
It plans to introduce its Chevrolet Silverado EV, which will be made in GM's only Detroit plant, at the 2022 CES event in January.
GM is also entering the commercial space with two electric cargo van offerings, the EV600 and EV410 from BrightDrop.
To build all of these EVs, GM has so far slated five of its 16 North American assembly plants, including the Oshawa, Ontario, facility that is reopening this year to build trucks.
GM expects 50% of its North American and China manufacturing footprint will be capable of EV production by 2030.
To meet its EV goals, GM has partnered with LG Energy Solution in a joint venture to build four battery cell plants in the U.S. The first Ultium Cells LLC JV plant will open in northeast Ohio early next year.
Earlier this week, GM revealed the Wallace Battery Cell Innovation Center, a 300,000-square-foot facility under construction and slated for completion in mid-2022 at he automaker's Warren Tech Center. GM says that facility will accelerate developing battery technologies, including lithium-metal, silicon and solid-state batteries, as well as production methods that can be applied at battery cell manufacturing plants.
Future tech, AV growth
The automaker intends to grow revenue through technology like the recently revealed Ultifi, a new software program built on GM's Vehicle Intelligence Platform that will allow customers to personalize their vehicles and interact with them remotely. It will roll out in 2023. Ultifi will be based on the Linux software platform to make it easier for third-party developers to have access.
That same year, it will also roll out Ultra Cruise, a new advanced driver assistance technology, which builds on the capabilities of Super Cruise, GM's automated driving technology.
Ultra Cruise will cover more than than 2 million miles of roads at launch in the U.S. and Canada, with the ability to grow to 3.4 million miles.
Meanwhile, Cruise recently got the green light from California officials to offer driverless rides to passengers in some parts of San Francisco. Cruise's autonomous shuttle the Origin will be built at Factory Zero Detroit-Hamtramck Assembly Center, beginning as early as 2023.