21 Oct 21

General Motors sets out to double revenues through EV sales by 2030

GM cars at an EVgo charging station.

General Motors revealed its roadmap for how it plans to double revenues by 2030 at a series of investor meetings this week. The growth will be driven mainly by EV sales as GM also expands its connected services businesses.

Shifting the core auto business to EVs will lead the plan of reaching 12 to 14% margins at the end of the decade. On the software and services side, GM's OnStar insurance business aims to reach $6 billion annual income by 2030. Revenues from software and services target $30 billion by the same year. 

GM is working with Honda to boost EV sales. 

GM aims to increase the revenue of the core auto business from $10 billion in 2023 to $90 billion by 2030. High profile EVs including Cadillac Lyriq, Hummer EV and a fully electric Chevy Silverado, will debut in January 2023. Another new release will be Prologue in 2024, which GM is working on with Honda. 

As a part of the EV transition roadmap, GM will increase investment in charging infrastructure to $750 million by 2025. 

Image courtesy of GM. 

Authored by: Mufit Yilmaz Gokmen