Monday 11 October 2021

GM looks to double revenue using EVs

General Motors (GM) has set plans to double its revenue, with electric vehicles (EVs) at the heart of its strategy.

The car manufacturer is looking to transform itself into a company driven by the growth and improvement of EVs.

It is targeting revenues of around $140 billion (£102.8bn) by the end of the decade and is looking to use the expansion of EVs worldwide, coupled with the decline in battery costs to make this happen.

GM has projected EV revenue to grow from around $10 billion (£7.3bn) in 2023 to $90 billion (£66.1bn) per year by 2030.

Cruise is the company’s answer to autonomous vehicles and will look to commercialise this to bring more than $50 billion (£36.7bn) in revenue annually by the end of the decade.

Paul Jacobson, Chief Financial Officer, said: "Simply stated, we are at an inflection point in which we expect revenue to double by 2030 while also expanding our margins.

“We will achieve this by growing our core business of designing, building, and selling world-class ICE, electric and autonomous vehicles, growing software and services with high margins and entering and commercialising new businesses."