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. An electric Chevrolet Silverado pickup truck that can go 400 miles per charge will be unveiled at the CES gadget show in January.
The Detroit automaker plans to have more than half of its North American and China factories be capable of making electric vehicles by 2030.
GM took in $122.5 billion in revenue in 2020, a year that was depressed by the arrival of the novel coronavirus pandemic. Doubling it would be close to $250 billion.
To get there, CEO Mary Barra said the company's revenue would rise from selling internal combustion vehicles, while at the same time revenue would be added from new electric vehicles. GM also plans to raise cash from subscription services including insurance and its OnStar safety system, as well as its Cruise majority-owned autonomous vehicle subsidiary.
Another revenue source will be Ultra Cruise, GM's next generation of electronic hands-free driver-assist system that will be able to take on 95% of driving tasks. The company said the system, due in selected Cadillac luxury vehicles in 2023, will be a “virtually door-to-door hands-free driving experience.”
It will use cameras, radar and laser sensors to follow navigation routes and speed limits, automatically change lanes, obey traffic signals and make turns on 2 million miles of roads in the U.S. and Canada. Eventually, it will learn all paved roads in both countries.
To capture U.S. electric vehicle market share leadership, GM plans to spend $35 billion to roll out more than 30 new battery vehicles globally by 2025. The company has set a goal of selling only electric passenger vehicles by 2035.
GM wouldn't say when it would take the lead, but Barra said GM would have a strong portfolio of affordable electric vehicles as well as an upcoming reliable charging infrastructure. The company also has existing factories that can efficiently be converted to built EVs, and a dealership network for service, she said.
“That's why we believe that we're going to attract those customers,” Barra said. “she said. ”There's a lot of things that we have that when we put our foot on the accelerator pedal, we can really move quite profitably."
Shares of GM rose slightly to $54.35 in midday trading Wednesday as the broader markets fell.
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
The stunning indictment that led to the arrest of more than 30 people — including Miami Heat guard Terry Rozier and other NBA figures — has drawn new scrutiny of the booming business of sports betting in the U.S. The multibillion-dollar industry has made it easy for sports fans — and even some players — to wager on everything from the outcome of games to that of a single play with just a few taps of a cellphone. But regulating the rapidly-growing industry has proven to be a challenge. Professional sports leagues’ own role in promoting gambling has also raised eyebrows.
Tesla, the car company run by Elon Musk, reported Wednesday that it sold more vehicles in the past three months after boycotts hit hard earlier this year, but profits still fell sharply. Third-quarter earnings fell to $1.4 billion, from $2.2 billion a year earlier. Excluding charges, per share profit of 50 cents came in below analysts' estimate. Tesla shares fell 3.5% in after-hours trading. Musk said the company's robotaxi service, which is available in Austin, Texas, and San Francisco, will roll out to as many as 10 other metro areas by the end of the year.
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