Oct 7, 2021 - Energy & Environment
Electric takeaways from General Motors' new business plan
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.