GM: Switching to electric will double our sales
GM said on Wednesday that it plans to double its global sales by the end of the decade and thereby improve its profit margin. Company executives are expected to present details of their plans during a two-day investor program starting Wednesday.
Doubling revenues would mean adding more than $ 100 billion in annual sales. The company reported global revenue of $ 122.5 billion last year, despite the sales hit from the Covid pandemic, and $ 137.2 billion in 2019.
Car buyers are also looking for new, more expensive options, including driver assistance and improved safety features. GM plans to unveil details of what it calls Ultra Cruise, the next step in its hands-free driver assistance technology to be offered from 2023 on Wednesday.
But much of the sales and profit forecast is based on its commitment to electric vehicles. Consumer demand for electric vehicles is increasing, and electric vehicles can be cheaper to build than traditional gasoline cars because they have fewer moving parts.
GM previously announced plans to invest $ 35 billion by 2025 in all-electric and autonomous vehicles and to launch more than 30 new electric vehicles around the world. The automaker also said its goal is to sell only zero-emission vehicles by 2035.
Another goal for the company is to become the leader in electric vehicle sales in the United States, although its statement before the investor meeting did not set a target. Currently, GM is the leader in overall auto sales in the United States, but it closely follows Tesla in domestic sales of electric vehicles. GM only sold 25,000 Chevrolet Bolts, its only US electric vehicle, in the first nine months of the year.
But GM has already announced a number of full-scale EVs, including a GMC Hummer electric pickup slated for release later this year, the Cadillac Lyric EV and an EV version of the Chevrolet Silverado, both expected next year. .