General Motors is providing detailed revenue targets for its electric vehicle business and new information about plans for new models.
running news: Here are juicy excerpts from his investor presentation and announcements on Wednesday.
- GM’s gunning for “leadership in EV market share” — a shot in Tesla’s bow — with a broader portfolio of high-volume EVs.
- These include the $30,000 Chevrolet crossover SUV, and the electric Chevrolet Silverado pickup, Buick crossover and Cadillac EV.
- Overall, GM is projected to have $90 billion in revenue from EVs in 2030, as part of broader plans to double revenue over the next decade.
- And that doesn’t even include a $10 billion project from its new BrightDrop line of electric delivery vehicles.
Intrigue: Beyond vehicles, GM announced a collaboration with GE to boost the supply of rare earth materials used in EVs and renewable energy.
GM also said it is increasing its investment in charging infrastructure to about $750 million by 2025.
Bottom-line: GM’s big bet on transitioning to cars and trucks with plugs, even as it sees a long-term future for the gas-powered model.