GM’s goal: Up revenue, lead US in EV sales

WARREN, Mich. — General Motors plans to cash in as the world switches from combustion engines to battery power, promising to double its annual revenue by 2030 with an array of new electric vehicles, profitable gas-powered cars and trucks, and services such as an electronic driving system that can handle most tasks on the road.

In announcements Wednesday ahead of a two-day investor event in suburban Detroit, the company also pledged to unseat Tesla and become the electric vehicle market share leader in U.S., although no time frame was given.

The company also teased upcoming new electric vehicles including a Chevrolet small SUV that will cost around $30,000, as well as electric trucks from Chevrolet and GMC, crossover SUVs from Buick, and luxury vehicles from Cadillac.

The $30,000 Chevy SUV should bring serious sales to GM because it’s the size of the Equinox, GM’s second-best selling vehicle, President Mark Reuss said. He said the company is working on a smaller Chevy Blazer electric vehicle.

Electric vehicles will draw new buyers to GM vehicles, according to Reuss. He also said the company is going to create a dedicated factory to build electric trucks, from an existing facility.

The Detroit automaker plans to have more than half of its North American and China factories be capable of making electric vehicles by 2030.

It also pledged to increase its investment in EV charging networks by nearly $750 million through 2025.

GM took in $122.5 billion in revenue in 2020, a year that was depressed by the arrival of the coronavirus pandemic.