General Motors plans to double its annual revenue by 2030, a far cry from the semiconductor woes the auto industry is currently dealing with.
The semiconductor crisis has been taking a major toll on the auto industry. GM recently had to shut down the majority of its US plants, as a result of the shortage, and many other automakers have taken similar measures.
Despite the current challenges, GM sees a rosy future ahead, with plans to double its annual revenue by 2030. Much of those plans revolve around the transition to electric vehicles and autonomous driving.
GM’s plan to reach leadership in EV market share in the U.S. while growing its profits from internal combustion engine (ICE) vehicles. GM’s growth will be driven by the Ultium modular EV platform the company developed to launch a broad portfolio of highly desirable EVs using common, scalable components. The array of Ultium-powered EVs will include high-volume entries, including a Chevrolet crossover priced around $30,000, Buick crossovers, trucks from Chevrolet, GMC and HUMMER EV, as well as exquisitely crafted Cadillac EVs such as the upcoming LYRIQ and CELESTIQ.
The company began meeting with investors on Wednesday, and is continuing Thursday, to discuss its plans in more detail.
“GM’s vision of a world with zero crashes, zero emissions and zero congestion has placed us ahead of much of the competition in electrification, software-enabled services and autonomy,” said GM Chair and CEO Mary Barra. “Our early investments in these growth trends have transformed GM from automaker to platform innovator, with customers at the center. GM will use its hardware and software platforms to innovate and improve their daily experience, leading everybody on the journey to an all-electric future.”