General Motors plans to double its revenue over the next decade as it transitions to an all-electric future, tapping into software and subscription services that enable new vehicle experiences, the company told reporters on Wednesday. and connects the digital lives of customers.
why it matters: That’s an extraordinary goal for a woodworking industrial giant trying to transform itself from automaker to “platform innovator.”
GM previews key elements of its growth strategy with reporters before an investor meeting today at its tech center outside Detroit. Main attractions include:
Revenue to double by 2030, with higher profit margins, it said.
- Chief Executive Mary Barra said the company sees “moderate growth” with its existing portfolio of gasoline-powered vehicles and automotive financing.
- But most of the growth will come from the addition of electric vehicles to its lineup, as well as new subscriptions and services, including OnStar insurance.
- GM plans to add revenue from other businesses including its GM Defense unit, Brightdrop commercial delivery business, Cruise Robotaxis — which are approaching commercialization — and selling fuel cell technology to partners such as Honda.
More Electric Vehicles: GM says it plans to reach “leadership in EV market share” — surpassing Tesla — with a broader portfolio of high-volume plug-in models, including the $30,000 Chevrolet crossover utility.
- GM confirmed that the electric Chevrolet Silverado will debut at CES in Las Vegas in January.
- The Silverado-E will offer a range of over 400 miles and will feature an optional glass roof and four-wheel steering.
- GM plans to follow it up with an electric version of the GMC Sierra pickup.
- “Nobody in the battery truck space will be able to touch us,” said GM President Mark Rees, hinting at a unique approach to electric trucks.
- Buick crossovers and Cadillac EVs including the Lyriq and Celestiq are also coming along with the trucks.
- GM said 50% of its factories in North America and China will be capable of producing EVs by 2030.
Hands-free Driving: GM unveiled Ultra Cruise, a new advanced driver assistance technology that aims to enable hands-free driving in 95% of all driving scenarios.
- Ultra Cruise will be available on premium vehicles such as the Cadillac, while GM’s existing highway-assistance technology, Super Cruise, will be available on mainstream cars and trucks.
- Doug Parks, GM’s executive vice president of global product development, procurement and supply chain, said, “The combination of Ultra Cruise for premium offerings and Super Cruise for low-cost products has enabled us to offer driver assistance technology across price points and segments. will do.”
- Ultra Cruise will initially cover more than 2 million miles of roads in the US and Canada – 10 times more than today’s Super Cruises – and will eventually cover 3.4 million miles (essentially every paved road in the US and Canada).