By 2025, General Motors is expected to launch 30 new electric cars with an aim of building a zero-emissions future. Back in January 2021, the company announced that they plan to be 100% carbon neutral by 2040 and start selling zero-emission vehicles by 2035.
GM reported $122.5 billion in annual global revenue in 2020, around $15 billion less than 2019’s total revenue of $137.2 billion. They expect to double their sales by 2030, most of which will be through electric car sales.
Diversifying into new markets
Auto insurance, autonomous vehicle ride hailing, delivery services, and defense contracting are some of the new markets GM plans to enter by the end of this decade. They’re expected to boost their annual revenue by $50 billion once they start selling rides through their robotaxi unit.
Another major announcement made by GM on Wednesday was about Ultra Cruise, a sophisticated hands-free, driver assist technology that’s expected to hit the market in 2023. With electric vehicle buyers on the rise, GM expects to make most of its profit from the electric car market.
Making electric vehicles more affordable
While General Motors tops car sales in the US, they rank poorly against Tesla when it comes to electric vehicles. Ever since launching the Chevrolet Bolt in December 2016, GM has only sold 100,000 units. On the other hand, Tesla has sold more than 627,000 cars across the globe.
Get ready to welcome some high-end EVs from General Motors by 2022 including GMC Hummer pickup, Cadillac Lyriq EV, and Chevrolet Silverado EV.
The audience also got a sneak peek into some of GM’s more affordable electric vehicles. They will be launching a small Chevrolet SUV priced at US$ 30,000 and an electric Chevrolet Silverado pickup truck that will have a driving range of 640 kilometers per charge.
On Wednesday, GM revealed plans to upgrade its Ultium battery technology to make it more energy dense. It will lower costs by 60% compared to present-day EV batteries. They will feature a Nickel Cobalt Manganese Aluminum chemistry and use 70% less cobalt. GM is also committed to recycle 100% of the returned batteries in their attempt to be zero-emission. Their Lordstown, Ohio plant will be mass-producing the batteries through a joint venture with LG Energy Solution.
Investing in the future of zero-emission vehicles
Until now, GM has invested over $300 million in their Lake Orion, Michigan facility, $2 billion in Spring Hill, and $2.2 billion in Detroit-Hamtramck for easier and faster assembly of EVs. They’ve invested another $40 million Pontiac Stamping for quicker installation of Flexible Fabrication manufacturing. Another $28 million will go towards their battery testing lab expansion located in Warren, Michigan. Overall, the company will be creating 38,000 new jobs within the next decade.