Automotive giant General Motors (GM) expects to double its revenue to $280bn by 2030, expanding its margins from 12 to 14 per cent.
Electric vehicles, connected services and new business opportunities will be the main drivers, said yesterday GM chief executive Mary Barra.
“We have multiple drivers of long-term growth and I’ve never been more confident or excited about the opportunities ahead.”
Kicking off the two-day investor meeting, GM executives told investors the company will increase its current profit margins by $140bn, as its software and businesses are recording a compound annual growth rate of 50 per cent. GM’s electric vehicle business is also expected to grow from $10bn in 2023 to $90bn by the end of the decade.
“We are at an inflection point in which we expect revenue to double by 2030 while also expanding our margins,” said chief financial officer Paul Jacobson.
GM’s strong balance sheet and its internally-funded capital spending will allow the company to fund further development of electric vehicles projects.
Other revenue opportunities include the commercialisation and scaling of Cruise – a subsidiary of GM that designs driver-less vehicles – as well as Brightdrop, a new business that builds connected and electrified delivery products and services for commercial customers.
While Cruise is about to launch its first model, Origin, Brightdrop is expected to initially make $5bn, growing to $10bn by 2030.