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General Motors is set to unveil plans to double its annual revenue by 2030 and grow its margins as the automaker transitions to an auto-electric future.

General Motors opens new lab for electric vehicle battery development in Michigan

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On Wednesday, GM executives will outline the company’s plan to dominate US EV market share while driving its profits from internal combustion engine vehicles.

anchorthe protectionThe lastChangeChange %
GMGeneral Motors Company53.62-0.67-1.24%

“GM’s vision of a world with zero accidents, zero emissions and zero congestion has put us far ahead of the competition in electrification, software-enabled services and autonomy,” GM Chair and CEO Mary Barra said in a statement.

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The company’s growth will be driven by its Altium modular EV platform, which offers a broad portfolio of electric vehicles, including the Chevrolet crossover, which is priced around $30,000, the Buick crossover, trucks from Chevrolet, GMC and Hummer, and the Cadillac EV, which includes the upcoming Including lyric. and Celestiq Vehicles. In addition, GM plans to enable EV production of more than 50% of its North American and Chinese manufacturing footprint by 2030 and is committed to source 100% renewable energy for its US facilities by 2025.

Meanwhile, GM will offer “product and technology immersion” on Thursday, which includes ride and drive opportunities in the GMC Hummer EV and experience with Super Cruise, GM’s advanced hands-free driving technology, which will be available on 22 different models by 2023. expanding to . GM executives, software developers and engineers will also discuss new business ventures including BrightDrop, OnStar Insurance, Altium Charge 360, e-commerce and subscription services.

Wednesday’s announcement comes as GM plans to spend $35 billion to boost its investment in all-electric and autonomous vehicles and take on rivals including Tesla. and Ford.

anchorthe protectionThe lastChangeChange %
TSLATesla, Inc.778.02-2.57-0.33%
FFord Motor Company14.04-0.23-1.65%

GM will launch 30 EVs globally by 2025, of which about 20 will be available in the United States.

“Our initial investment in these growth trends has transformed GM from automaker to platform innovator with customers at the center. GM will use its hardware and software platforms to innovate and improve our everyday experience, creating an all-in-one Will be taken on a journey to the full-electric future,” Barra said.

Investors can watch Wednesday’s presentation here at 1 p.m. Eastern.

GM shares are up 29% this year, nearly double the S&P 500’s 15% run.