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GM CEO Mary Barra. Photo: GM

General Motors plans to double its revenues over the next decade as it transitions to an all-electric future, tapping into software and subscription services that enable new vehicle experiences and connect customers' digital lives, the company told reporters on Wednesday.

Why it matters: It's an extraordinary target for a lumbering industrial giant that is trying to transform itself from automaker to "platform innovator."

GM previewed key elements of its growth strategy with journalists ahead of an investor meeting today at its technical center outside Detroit. Key highlights include:

Revenue will double by 2030, along with higher profit margins, it said.

  • Chief executive Mary Barra said the company sees "moderate growth" with its current portfolio of gasoline-powered vehicles and automotive financing.
  • But most of the growth will come from the addition of electric vehicles to its lineup, as well as new subscriptions and services, including OnStar insurance.
  • GM also plans to add revenues from other businesses, including its GM Defense unit, Brightdrop commercial delivery business, Cruise robotaxis — which are getting closer to commercialization — and selling fuel cell technology to partners like Honda.

More electric vehicles: GM says it plans to reach "leadership in EV market share" — surpassing Tesla — with a broad portfolio of high-volume plug-in models, including a $30,000 Chevrolet crossover utility.

  • GM confirmed an electric Chevrolet Silverado will debut at CES in Las Vegas in January.
  • The Silverado-E will offer a range of more than 400 miles and will feature an optional glass roof and four-wheel steering.
  • GM plans to follow it up with an electric version of the GMC Sierra pickup.
  • "No one is going to be able to touch us in the battery truck space," GM President Mark Reuss, hinting at a unique approach to electric trucks.
  • Buick crossovers and Cadillac EVs, including the Lyriq and Celestiq, are also coming, along with the trucks.
  • GM said 50% of its factories in North America and China will be capable of EV production by 2030.

Hands-free driving: GM unveiled Ultra Cruise, a new advanced driver assistance technology that aims to enable hands-free driving in 95% of all driving scenarios.

  • Ultra Cruise will be available on premium vehicles like Cadillac, while GM's existing highway-assistance technology, Super Cruise, will be available on mainstream cars and trucks.
  • "The combination of Ultra Cruise for premium offerings and Super Cruise for lower-cost products will enable us to offer driver assist technology across price points and segments," said Doug Parks, GM's executive vice president of global product development, purchasing and supply chain.
  • Ultra Cruise will initially cover more than 2 million miles of roads in the U.S. and Canada — 10 times as many as today's Super Cruise — and will eventually cover 3.4 million miles (essentially every paved road in the U.S. and Canada.)

Go deeper

Ben Geman, author of Generate
Oct 21, 2021 - Economy & Business

Tesla is outrunning the supply chain crunch

Expand chart
Data: FactSet and company release; Chart: Will Chase/Axios

Tesla, citing a "structural shift" in demand for electric vehicles, reported its highest-ever quarterly profit of $1.6 billion and $13.8 billion in revenues despite supply chain problems.

The big picture: The company's third-quarter report says the chip shortage, port congestion and other woes have affected its factories but argues that "flexibility" and "ingenuity" are a counterweight.

Updated 8 hours ago - World

U.S. airstrike kills senior al-Qaeda leader in Syria, DOD says

A displacement camp near the village of Qah in Syria's northwestern Idlib province. Photo: Ahmad Al-Atrash/AFP via Getty Images

A U.S. airstrike in northwest Syria on Friday killed senior al-Qaeda leader Abdul Hamid al-Matar, U.S. Central Command said in a statement.

Why it matters: Syria serves as a "safe haven" for the extremist group to plan external operations, according to U.S. Army Maj. John Rigsbee.

Updated 13 hours ago - Politics & Policy

Giuliani associate Lev Parnas convicted of campaign finance crimes

Lev Parnas, a former associate of then-President Donald Trump’s personal lawyer Rudy Giuliani. Photo: Stefani Reynolds/Bloomberg via Getty Images

Florida businessman Lev Parnas was convicted Friday on charges of conspiracy to make foreign contributions to political campaigns, according to multiple outlets.

Why it matters: Prosecutors said Parnas, then an associate of former President Donald Trump's personal lawyer Rudy Giuliani, funneled over $150,000 from a Russian businessman into U.S. campaigns as part of an effort to land licenses in the U.S.'s legal cannabis industry.