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.”
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.
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.