GM intends to double its revenue to $280 billion by 2030

KEY POINTS

-- Plan to raise revenue based on rolling average of $140 billion for the automaker.

-- GM teased its upcoming electric vehicles ahead of the two-day investor meeting

General Motors (GM) announced its plans to double annual revenue to $280 billion by 2030, amid an ongoing transition to all-electric vehicles, and diversify its operations beyond selling cars and trucks.

A company spokesperson told CNBC that the latest revenue goal is based on a rolling average of about $140 billion for the automaker in recent years.

The automaker also announced wider projected operating profit margins of 12% to 14%, on Wednesday ahead of its two-day investor meeting. In the investor presentations, the company will elaborate the roadmap to achieving those targets through traditional automotive operations, and new software- and data-focused businesses.

Last year, GM reported annual revenue of $122.5 billion, down 10.8% compared to the annual revenue in 2019, with a profit margin of 7.9%. It attributed the decline in revenue to factory shutdowns at the beginning of the coronavirus pandemic.

GM CEO and Chair Mary Barra said, “When you look at all of the investments we’ve been making for five years plus, that’s what positions us today to be in execution mode. We have great confidence in our ability to grow revenues.”

The company also teased upcoming new electric vehicles including a Chevrolet small SUV priced at nearly $30,000, electric trucks from Chevrolet and GMC, crossover SUVs from Buick, and luxury vehicles from Cadillac.

An electric Chevrolet Silverado pickup truck that can go 400 miles per charge will be unveiled at the CES gadget show in January. A GMC electric pickup will follow.

The automaker plans on investing $35 billion in electric and autonomous vehicles through 2025, and sell 1 million EVs globally by then. It aims to become an all-electric automaker by 2035.

GM said it plans to surpass Tesla as the U.S. leader in EVs, but Barra and President Mark Reuss did not reveal a time frame.

Picture Credits - Fortune

With inputs from CNBC