DETROIT – General Motors plans to double its sales and increase its margins by 2030 through a series of steps, such as retooling existing factories for the production of electric vehicles, marketing Cruise operations and the operation of new businesses, including BrightDrop and Ultifi.
âGM is opening a history of centuries-old growth that is changing the course of our business,â CFO Paul Jacobson said in a statement.
The automaker plans to double its revenue to $ 280 billion from its five-year average of $ 140 billion by 2030, with software and other new businesses growing nearly 50% annually through 2030 The core auto business will fund much of the growth, Jacobson said. GM expects EV sales to grow from $ 10 billion in 2023 to about $ 90 billion per year by 2030 as the automaker’s electric vehicle portfolio expands. GM has announced plans to launch 30 electric vehicles globally and invest $ 35 million in the development of electric and autonomous vehicles through 2025.
Beyond revenue from electric vehicles, GM’s projects that connect vehicles and other new businesses will generate more than $ 80 billion in revenue.
GM also plans to increase its margins by 12 to 14 percent by 2030. Last year, GM’s adjusted profit margin was 9.4 percent.