Oct 7, 2021 - Energy & Environment

Electric takeaways from General Motors' new business plan

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Photo: Mario Tama/Getty Images

General Motors is offering detailed revenue goals for its electric vehicle business and new info about plans for new models.

Driving the news: Here are the juicy bits of their investor presentation and announcements Wednesday.

  • GM's gunning for "leadership in EV market share" — a shot across Tesla's bow — with a broad portfolio of high-volume EVs.
  • These include a $30,000 Chevrolet crossover SUV, and an electric Chevrolet Silverado pickup, Buick crossovers and Cadillac EVs.
  • Overall, as part of wider plans to double revenues over the next decade, GM sees $90 billion in revenues from EVs in 2030.
  • And that doesn't even include the $10 billion they project from its new BrightDrop line of electric delivery vehicles.

The intrigue: Beyond vehicles, GM announced a collaboration with GE to boost supplies of rare earth materials used in EVs and renewable power.

GM also said it's increasing its investment in charging infrastructure to about $750 million through 2025.

The bottom line: GM's betting big on the transition to cars and trucks with a plug, even as it also sees a long-term future for gas-powered models.

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