General Motors has announced that it expects to double its annual revenue and expand its margins to between 12 and 14 percent by 2030.
During the recent GM Investors Meeting, General Motors outlined its roadmap to the above-stated goals, citing the automaker’s “transformation into a growth company driven by EVs, connected services and new businesses.”
GM CEO Mary Barra
General Motors has posted a five-year annual revenue average of roughly $140 billion.
Some of the stated financial targets include expanded all-electric vehicle adoption as General Motors brings its EV offerings to scale and reduces battery costs. The automaker says that it expects EV revenue to grow from roughly $10 billion in 2023 to around $90 billion annually by 2030, driven by GM’s push into high-volume EV segments. General Motors previously indicated that it will launch 30 new EV models globally by 2025.
General Motors will also ramp up higher margin software and new business platforms, including new connected vehicle technology platforms. GM says that it expects new businesses to drive more than $80 billion in new, incremental revenue, with most of the growth accelerating through the latter half of the decade as the new businesses are brought to scale.
GM President Mark Reuss
A few of the highlighted businesses and technologies include Ultifi, GM’s recently unveiled end-to-end software platform designed to wirelessly deliver a variety of software-defined features, apps, and services to customers. These include the latest vehicle features and updates, delivered over-the-air via GM’s latest Vehicle Intelligence Platform, also known as the Global B electrical architecture. Subscription products and services are expected to bring in significant revenue enabled through new connectivity. GM says it currently has 16 million connected vehicles in the U.S. and Canada alone, with 30 million connected vehicles expected in the U.S. by 2030.
General Motors is also ramping up its electric vehicle offerings with electrified variants of popular models like the Chevy Silverado. GM recently confirmed that the new Chevy Silverado electric pickup truck will be unveiled early next year at the 2022 Consumer Electronics Show, slated to take place January 5th.
Autonomous vehicle technology is another pillar of GM’s growth strategy. The automaker recently announced that is developing a more advanced version of the Super Cruise semi-autonomous driver assist system dubbed Ultra Cruise, which will launch in 2023 on select Cadillac vehicles. GM is also developing autonomous ride sharing services utilizing the Cruise Origin EV, which in itself is expected to rake in $50 billion.
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Comments
I can’t see how they expect to do this.
An EV should mean less income for the service department.
Unless they intend to build a very unreliable EV
I think Mary is BSing the investors.
GM doesn’t understand the concept of quality.
News flash! GM doesn’t own any of the dealerships and therefore doesn’t record revenue on service at the dealerships. Warranty work at those dealerships would actually be an expense for GM though.
Simple concept!
GM does make money on parts, but it’s a small fraction of revenue, that shows up as a remainder somewhere on the earnings statement. In the future, GM will make far more money selling subscription services and OTA upgrades. Remember how people chip their pickup for more power, in the future EV’s you click on a phone app, pay a fee, and more power is sent OTA to your vehicle. Tesla already does this $2000 and your model Y gains 40 hp, and quicker 0-60 time. This is the magic of connected EV, GM can sell you a car at a certain price, then sell you upgrades to unlock performance and new features at any time.
I honestly expect GM and the other manufacturers to maintain the chip shortage to keep supplies low and margins high. It may have been a legit thing at first, but a crime of opportunity to continue.
The average transaction price of most vehicles is up 50% from 10 years ago. Significantly over the last year. The cost of manufacturing haven’t gone up anywhere near that much. It’s all profit.
I might be wrong, i don’t think i am.
Continuing would require a lot of collusion. I don’t think the OEM’s are capable of that, they will undercut the competitor the first chance they get.
You are wrong, GM dos not benefit from this as they are not able to launch their new more chip laden products, which will sell for more $, and have more market appeal.
With the inflation rate, they will need to double it to break even.
Is anyone reading the actual article? The new business ventures GM is working on will provide much of the revenue growth for the company (Brightdrop, Cruise, etc)
Additionally, since most of you think EVs will be a failure, current revenue on gas models will stay consistent and Soaring EV sales will all be extra revenue from buyers who were not previous GM customers.
Yea people are reading it. Just because they have a different opinion then you doesn’t mean they aren’t reading it.
Soaring EV sales means loss in gas sales…. unless you think EV’s will convince the mass transit users in NY to actually buy a car… or that it will steal owners from Toyota or Honda, though last I saw, it was the Silverado, corvette and gas crossovers that were winning over cross brand buyers…. not the volt, or bolt or any other “eco” reason.
People skim and them react with pre existing bias. GM undercutting Tesla with superior product is very exciting and may well transform Chevy’s image as the poor credit brand.
I’m really curious to see how Stellantis EVs compete with GM because the flexible platform doesn’t allow for a frunk and they can’t be as fast. Hopefully they will use that EV dedicated platform (CMP?) at least with Jeep and Dodge.
Provided GM earns profit on each sale due to the scale of the Honda deal plus battery use over at Cruise, Bright Drop and GM Defense, this should be interesting.
will any of these execs be around in 2030 to take credit for this incredible success?
2030 Mary Teresa Barra will either be President of the United States or the first female Pope. Either way she’ll still be around.
Yea pope of a church that touches kids and believes in a fake god. Good outtake Peter.
If this plan fails GM and these executives perish the company could always recruit Mike Manly or Bigland from old FCA. They saved the former Chrysler Corp and even used it to float Fiat for a decade so could do wonders for the GM brands.
I don’t think it will be necessary but prefer either to Mark Reuss.
It’s petty simple really – EVs are less complex and cheaper to build with fewer parts and fewer employees needed but instead of passing that cost savings on to consumers, gm plans to keep all that money. They’ll sell an EV Silverado for the same price as a more complex ICE Silverado. Then gm plans to offer a plethora of subscription services to their customers for things that used to be free after the initial purchase. For instance the old cruise control had an up-front cost but was then free to use forever. The new hands-free cruise control will be a subscription service that only works if a consumer pays a monthly fee. In theory, these changes will generate more profits for gm and, importantly, bigger bonuses for Mary. In reality though, gm just keeps shrinking and losing market share and the public’s willingness to pay the same money for a lesser product and then pay monthly fees in perpetuity remains unproven.
i think a competitive market will have a big say as to whether gm gets to “keep all that money”.
I agree. Their money-making plan is premised on that but ultimately the market will dictate…..as long as government doesn’t get too involved.
Exactly, You see all the OEM’s are going to subscription services for Technology, GM was first with the in On-Star, then Tesla took it to another level, now GM will catch up.
gm up almost 5% today. maybe they’ve got some believers. but then again ford is up about the same.
And what did I predict would happen this week on the stock? Someday, you might realize I follow this stuff, and well connected on Wall Street…
Ford is up more, it’s a better opportunity, thats why I own both and Magna too, which has rocketed up today. My best performers today though were BABA and XPEV
Best wishes and good luck in this objective. Hope GM can recapture all the lost ground to the Asian automakers over the past several decades.
I have been telling everyone here that once Battery prices drop which they will, building BEV’s will be soooooo much cheaper than ICE vehicles. Throw in all the software revenue and yes GM will be banking
Many here can’t comprehend that or simply refuse to consider alternatives to their current options. The good is they’ll drive up the used market because there won’t be any new options available to them to purchase.
You seem like the type of person who believes they are a lot smarter then they really are.
The smarter you think you are the dumber one really is so no. I only comment on things I understand,
though. Sounds as if you’re describing yourself.
What are you even talking about? I wasn’t talking to you did you mean to send that to someone else? Or are you using to different names on here? I sent that to gmc fan as it’s pretty clear who I responded to. So is that your second name on here?
My bad–the GM Authority email said response to me. I see from the text that this wasn’t there case.
No worries 👍
Good Luck, Mary!
It all looks so GOOD on paper.
If their future is so bright how come the stock has been garbage for years? How much did it go up today 75 cents? The recalls are killing them. Since they can’t even sell the Bolt because its a fire bomb, there won’t be much confidence going forward with gm EV’s. Looks like a dog and pony show. I spent a hundred grand on a Silverado and a Stingray. Not spending a penny on a gm EV.
And everyone on this blog say’s Mary is driving GM into the ground ! Hmmmmm!
I like Donovan. He’s got a brain.
Thanks for telling us that. So glad you found someone you can look up to.
Yes, he does!! You risk bashing for agreeing for him around here due to all the GM fan boys who don’t care for facts.
Lol nobody praises him more then you. What’s up with you bro? You want me to tell Donavan you got a crush on him or something? Because I have seen you in these comments and you always respond after he says something.
He, like me, has a brain and is able to compose thoughts in a well-organized manner. Some of us do this looking for ideas for work in an effort at making our business better.
For that purpose even reading much less replying to your comments is a waste of time. Instead of trolling me find a job. Most areas are in need of janitors due to labor shortage so nows your big chance at a career!! I’d hire you but figure you’d Just waste time loitering in the men’s room looking for love. 😉
Lol that’s all you could come up with? Hey Donavan made a comment on a new post you better hurry and get there.
You call others on here gm fanboys but yet you appear to be a Donavan fanboy. Donavan is a cool dude but you take it to the next level making whole posts about how you praise him and what he says. Take that weird stuff somewhere else man.
This site is about cars and not sex. I’m sorry if you are stuck in the closet, have gay on the brain, but not my problem. As I said, my rabbi is gay and you should talk to him about coming out. Good luck for real!!
You make no sense. After the closet case Shane talked about “shining knobs”, I agreed with David Alan Murray when he said: “I like Donovan. He’s got a brain” but told him that repressed idiots like you might use such talk against him as a put down. This isn’t 3ed grade. Work your own issues out
Nobody cares about your gay rabbi bro. Take all that talk somewhere else this website is about cars not politics or your fake religion and god.
No one cares about your semi-literate replies. Forgot I was in a chat populated by Fly Over country Trumpers who of course hate gays and basically everyone else who has more then them.
You know nothing about life but nothing about cars, either. Some people made really great comments regarding GM, new vehicles, and the new business. Not you!!
It must suck to be dumb. No wonder you’re jealous. Cannot even say I blame you for being upset.
I didn’t vote for trump and I despise politics so… if you wanna talk politics and and peoples sexual orientation then I suggest you take that somewhere else. You wanna talk about people making good comments about cars but yet your talking about a gay rabbi like I said take your political and gay rabbi talk somewhere else man this is not the place for all that.
I report what my eyes see. I cruise cars the way my friends cruise girls. Sort of an obsession! I can tell you what people are driving in the NY Metro area including Northern Jersey and the Capital District.
What I see isn’t a case of opinion. Facts and feelings are two separate things: For example, you can say “I think Trump won the election” or “New York loves Chevrolet,” but neither statement is true!
In my part of America the only Detroit company that’s popular is Stellantis with Jeep and Charger everywhere. I’m suprised both GMC and Buick aren’tdoing better here given the premiumprice point and solid design. .
Stick to cars nobody gives 2 $hit$ about politics go take that crap to a news forum thanks.
GM, nor any other OEM, cares about its dealers/retailers. Tesla cuts out the middle man and GM would love doing the same
I didn’t start this so don’t play like a victim. If you read the comments someone thought they were slurring me by talking sex after I agreed with someone about GM who evidently isn’t very popular on here.
It’s dumb when someone acts like gay is an insult so took offense. I have values! Your personal life doesn’t interest me so don’t get sore. Had you read the comments you’d know why I got personal instead of talking about my favorite hobby: cars.
Like I said I have a Chevy diesel 4×4 truck and it has brought me the thrill of driving again. The amazing low end torque and unbelievable fuel milage and towing capability.
In the early 80s I was a GM fan boy. I owned a Pontiac Sunbird, 1984 Pontiac Firebird. A Jimmy, The first gen Pontiac Grand Am. Remember the Chevy Z 24 with the 2.8 V6 then updated to the 3.1 V6
This was when cars were fun and sporty from GM.
The Grand Am came with 3 Tone paint and that 3 color scheme followed into the great looking interior.
These cars came with Aluminum mag wheels with Good Year Eagle GTs on all corners. Good luck getting anything like that from Ford. Yes they had the Mustang but in the 80s the Mustang was not impressive at all. Ford was stripping everything from there cars to save a buck. Mustangs came with narrow tires and 4 bolt wheels. How cheap can you get.
Not all was good from GM back then and as time went on each car I bought was getting less and less on the quality stage. It got to the point that I stopped buying anything GM
My point is……This Chevy I have now is my first GM since late 80s
If you loose customers over quality it’s very hard to get them back.
I hope the future of GM is good. Take care of your customers first, then you will reap the benefits for your investors.
This is what Mary doesn’t understand……….
I, too, had a 1986 red Grand Am sedan, in 1993 and loved! Many electrical system defects like needing to kick headlights to turn them on and the same with center stack heater and radio.
It wasn’t muscle but for the first year drove with a sporty feel far more enjoyable than and Corolla on the road. This was when taste were changing, the coasts were turning on the Detroit 3. Remember a friend who drove a Volvo saying “I’m sorry” after me excitedly telling her I had gotten a Pontiac.
1980s Pontiac went for “excitment” instead of the passion that the brand had come to represent. Grand Am, Grand Prix and Bonneville would have worked better as Chevrolet because they were more highly attractive economy cars that were interchangeable with Buick and Olds– two brands that were definitely NOT supposed to represent economy class driving!
I think GM should have kept the Pontiac line. They produced some really cool cars.
I do still have a Pontiac in the garage. I didn’t buy it new so I don’t consider it supporting GM. But I do consider it a cool representation of what the Pontiac line was all about..
2006 Solstice Convertible. I purchased this for my wife.
I can’t figure out why GM didn’t keep more of the retro styling for the Camero.
Ford managed to do an amazing job of keeping the heritage of the Mustang while bringing it into the 21 century.
So she thinks profits are going to double on electric cars that generate little to no profits on a company that is loosing market share the more time goes on. The chip shortage gag is not going to last forever and car prices will have to stabilize because paying 10K more for the same vehicle is not sustainable for your average consumer especially with literally everything else going up far more than normal. Just don’t see it happening.