GM Says It Will Double Annual Revenue by 2030

The automaker also says some vehicles will become autonomous starting in 2023.

October 08, 2021

GM Presenter

WARREN, Mich.—General Motors announced it plans to double its annual revenue by 2030 as it transitions to an all-electric future. The automaker plans to achieve this growth through new electric vehicles as well as gas-powered cars and trucks, and autonomous driving features.

“GM’s vision of a world with zero crashes, zero emissions and zero congestion has placed us ahead of much of the competition in electrification, software-enabled services and autonomy,” said GM chair and CEO Mary Barra. “Our early investments in these growth trends have transformed GM from automaker to platform innovator, with customers at the center. GM will use its hardware and software platforms to innovate and improve their daily experience, leading everybody on the journey to an all-electric future.”

GM plans to release new EVs including a Chevrolet small SUV that will cost around $30,000, electric trucks from Chevrolet and GMC, SUVs from Buick and luxury vehicles from Cadillac, reports AP. The company also plans to unveil an electric Chevrolet Silverado pickup truck with a 400-mile (640 kilometer) battery life. A GMC electric pickup will follow.

GM also announced that starting in 2023, some GM vehicles will be able to become hands-free and navigate 95% of driving situations, reports Axios. The company plans to eventually enable "door-to-door" autonomous driving, and its unveiling of Ultra Cruise, which is equipped with next-generation assisted-driving technology that GM introduced Wednesday, moves the company closer to its goal of "zero crashes, zero emissions and zero congestion."

Late last month, Ford Motor Co. announced plans to build a new assembly plant and three battery factories, which will produce batteries for electric vehicles. The assembly plant will produce Ford’s electric F-series trucks and will open in 2025. Ford is investing $11 billion in the endeavor. In May, Ford said it expects 40% of its global sales to be fully electric by 2030 and projects spending $30 billion by 2025 to expand its electric lineup.

EV charging is a barrier to EV adoption. The U.S. has about 110,000 charging stations now, but energy and auto experts say the country needs at least five to 10 times that amount to make the president’s 2030 EV plan work.

Another roadblock in the driver transition to EVs is the availability of fast chargers, which charge an electric battery in 20 to 40 minutes, but they cost tens of thousands of dollars. These types of chargers are needed so EV drivers will be assured they won’t be caught with a dead battery and not near a charging station. NACS Magazine recently covered the stumbling blocks in the push for the fast chargers EV drivers want in its September 2021 issue.

Michigan announced last week that it will build the first road in the U.S. that charges electric cars while they’re driving on it.