October 6 (Reuters) – General Motors Co (GM.N) on Wednesday presented an ambitious program to convince investors that it is transforming into a more profitable, software-driven company that will challenge Tesla (TSLA.O) for the electric vehicle leadership by 2030. find out more
Among the initiatives, GM:
* Introduced a new ‘dual platform’ strategy for Ultium-branded electric vehicle components and batteries and Ultifi-branded software and services, saying the Detroit automaker will double its annual revenue to reach 280 billion dollars by 2030, with increased margins of the order of 12 to 14%.
* Said software-driven services will contribute $ 20 to $ 25 billion in new revenue by 2030.
* Said he expects electric vehicle revenues to reach $ 90 billion per year by 2030.
* BrightDrop electric vehicle business unit revenues are expected to exceed $ 10 billion by 2030 with low margins of 20%.
* Plans to be the leader in the US electric vehicle market, “while increasing profits through internal combustion engine vehicles”.
* Said future EV entries will include a $ 30,000 Chevrolet crossover, Blazer EV, Buick crossovers, full-size trucks from Chevrolet, GMC and Hummer, and several Cadillac models.
* Says that more than 50% of its North American and Chinese factories will be “capable” of building electric vehicles by 2030.
* Expect profit margins for electric vehicles to match those of conventional combustion engine vehicles by 2030.
* Plans to unveil its new Chevrolet Silverado electric pickup in January at the annual Consumer Electronics Show, and will offer both retail and fleet versions, with a range of over 645 km between charges.
* Plans to announce a new electric truck assembly plant, as rival Ford did in September.
* Plans to introduce new generation vans in 2025 with new combustion engines with lower CO2 emissions.
* Describes Ultifi as an “end-to-end software platform” that will “increase the lifetime value” of its vehicles by enabling a range of digital services and features delivered and updated wirelessly to these vehicles.
* Ultra Cruise revealed as “an important next step” in hands-free driving – which will be offered by subscription on high-end models from Cadillac in 2023, while Super Cruise will be more widely available on mainstream models.
* The Cruise autonomous driving unit, majority owned by GM, plans to begin offering fully driverless rides to passengers shortly, followed by “full scale” commercial operations from 2023.
* Cruise says reaching $ 50 billion in annual revenue within six years is achievable.
* Says GM plans to double its battery manufacturing capacity to 140 gigawatt hours per year with the addition of two new factories.
Reporting by Paul Lienert and Ben Klayman in Detroit, editing by Nick Zieminski and Richard Pullin
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