GM has dished the dirt on its plans for global domination.
General Motors has been making a lot of big claims of late and is looking to improve every aspect of its business, from reducing electric vehicle emissions to switching over to renewable energy. The conglomerate has been talking about ways to improve revenue too, with plans for this being revealed back in April of this year, but these plans have now been superseded by new ones announced yesterday. The new path forward sees GM aim to double its revenue and increase profit margins and to help the company get there, new, more affordable Chevrolet electric models, including an entry-level EV, are being planned.
The company's targets include doubling annual revenues from a five-year average of around $140 billion by the end of the decade, and it hopes to get there through the growth of software and other new ventures. EV revenue alone is expected to increase from around $10 billion in 2023 to around $90 billion in 2030, thanks to new models on "compelling platforms." Just increasing revenue is not enough, so GM aims to deliver margins of 12-14% by the close of the decade, expecting that EVs will help expand these margins thanks to declining battery costs and new technological advances. GM also expects its Cruise autonomous services to able to deliver up to $50 billion in revenue annually by 2030 too.
What's most important to the average Joe is news like the arrival date of the electric Chevrolet Silverado, but that won't be the only new EV we'll see over the coming years. The Chevrolet Blazer will be getting an electric version, and we can also look forward to an electric version of the company's second-best-selling vehicle after the Silverado, namely an Equinox EV. Best of all, GM president Mark Reuss says that this car will come with a $30,000 price tag. In addition to all this, Reuss has touched on a new entry-level Chevy EV, something that could undercut even the Bolt EV. We can't wait to see what it is.