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Wednesday, 06 October 2021 20:56

GM’s New EVs Could Help Double Revenue, Compete with Industry Leaders

Written by Joey Klender, Teslarati

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General Motors has long talked about its plans to expand its lineup of electric vehicles, with plans to be fully electric by 2035.

The automaker detailed more plans for its expansion of EVs, including how it plans to double its revenue and enter the autonomous driving discussion, and what GM brands will be bringing new electric cars to the market.

 

While GM already has plans to invest $35 billion in electric cars by 2025, it has to begin planning for a more broad game plan to compete with industry leaders, including Tesla.

 

While Tesla has four all-electric models and a fifth on the way when the Cybertruck arrives late next year, it also has accumulated eight consecutive profitable quarters, and has an expanding manufacturing capacity and innovative executives.

 

Ford is unveiling its second and third EVs with the F-150 Lightning and E-Transit van.

 

GM is slowly falling behind the pace, only offering the problematic Chevrolet Bolt EV currently, although it has plans to unveil the HUMMER EV in the coming months under the GMC brand.

 

The big picture for GM, according to CEO Mary Barra, is increasing revenue to $280 billion from its current levels of $140 billion annually. The company plans to do this through revenue in its new services, while operating and maintaining off of its current offerings, Barra said, according to an interview with CNBC

 

Electric vehicles and subscription-based services will be a main indicator of how much growth could be experienced in the initial days of its plan.

 

“Especially in the initial days, we see EVs being plus volume, so we see tremendous opportunity to grow from an EV perspective and then the subscription and services,” Barra said in the interview. She did not detail a specific plan of how GM plans to explicitly double its revenue but believes an expansion of its current lineup will provide the opportunity for financial growth.

 

One of its biggest ideas for a leg up on the competition, which could be its main driver for revenue increases, is...


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