General Motors Co (GM) on Wednesday unveiled plans to double revenues by 2030 as it ramps up electric vehicle production, and in 2023 launch an automobile that can be operated hands-free in most situations.
Building on a series of earlier electric vehicle investment announcements, the big US automaker said it was on track to rapidly scale up its electric vehicle (EV) business, which is to include a vehicle priced at US$30,000, cheaper than offerings from Tesla Inc and other rivals.
Executives also described a series of new or expanded businesses in vehicle insurance, digital subscriptions and government sales that should bolster the business.
Photo: Reuters
“The vehicle has become a software platform,” GM CEO Mary Barra said at a briefing with reporters ahead of a two-day investor presentation. “There are so many growth opportunities we have.”
GM announced that its “Ultra Cruise” program, set to launch in 2023 on a premium vehicle, would enable hands-free operation in 95 percent of driving scenarios. It also said it plans to unveil an all-electric Silverado pickup truck at the CES technology event in January.
Earlier on Wednesday, GM said it signed a memorandum of understanding with General Electric Co to collaborate on the sourcing of rare materials used to manufacture electric vehicles and renewable energy equipment.
Barra stated the goal of a “world with zero crashes, zero emissions and zero congestion,” and said the company has transformed itself from “automaker to platform innovator, with customers at the center.”
In June, GM pledged to boost spending on EV and autonomous technology by 30 percent to US$35 billion through 2025, part of a strategy to launch 30 new electric models by that year.
Using US$140 billion as a baseline, GM said it would double annual revenues by the end of the decade, with EV revenues jumping from US$10 billion to about US$90 billion annually by 2030. The company’s outlook also incorporates about US$50 billion in annual revenues from the commercialization of its Cruise business, and another US$20 billion to US$25 billion in annual software and services revenue.
GM executives touted the company’s latest offerings in driver assistance technology, with Ultra Cruise set to debut on premium vehicles for the 2023 season, which is scheduled to be introduced late next year. They declined to name models that would have this function.
“Customers will be able to travel truly hands free with Ultra Cruise across nearly every road, including city streets and subdivision streets, and paved rural roads in addition to highways,” GM said in a statement.
The program has 360-degree perception around the vehicle and employs cameras, radar and sensors to enable a vehicle to follow speed limits, automatically change lanes and avoid close objects.
GM said that the new program builds on its Super Cruise driver-assistance feature, which is currently available on the Cadillac and is to be expanded to six models next year and to 22 by 2023.
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