General Motors (GM) has set a goal of doubling its annual sales by 2030 by focusing on electric vehicles.
AP and the Financial Times reported that GM announced ahead of a two-day investor event in the suburbs of Detroit, “We will drive Tesla out and take the No. 1 share of the electric vehicle market in the U.S.
GM’s annual average sales over the past five years are around $140 billion. Based on the announcement, the company plans to generate annual sales of up to $280 billion by 2030. It also set a goal of no longer producing automobiles, trucks, and vans powered by petroleum products after 2035.
According to GM President Mark Royce, GM plans to release 30 new types of electric vehicle models by 2025, including Chevrolet SUV worth $30,000 (KRW 35.73 million), GMC’s electric truck, Buick’s SUV, and Cadillac’s luxury vehicles. I
In addition, more than half of North American and Chinese factories will be able to make electric vehicles by 2030. And some of the existing facilities will turn into factories dedicated to electric truck production.
GM CEO Mary Barra said adding electric vehicles for 10 years will lead to increased sales.
The company also expect an additional $90 billion annually through linked businesses such as connected cars, new businesses, autonomous driving, software and subscription services, and commercial electric vehicles. Through this, annual sales could reach $315 billion.
Another source of revenue is Ultra Cruise, an autonomous driving system. They planned to introduce the system for the first time in 2023 through some Cadillac vehicles.
However, sales are currently struggling due to a lack of automobile semiconductors worldwide. GM’s sales fell nearly 33% in the third quarter and its U.S. market share has fallen by 2% points since 2019. This year’s market share is 15.2%.