GM Tells Investors: "Don't Worry Be EV Happy"
General Motors to Outline Plans for Decade of Growth, Doubling of Annual Revenues by 2030 with Increased Margins
Two-day investor event will detail GM’s innovative approach to growth with transparent key financial metrics, featuring:
- GM’s dual platform strategy for hardware and software and how it will drive growth
- New business initiatives and technologies, including next-generation Ultra Cruise
- Plans to rapidly scale EV manufacturing, with more than 50 percent of North America and China plants capable of EV production by 2030
- Updates on Cruise and its progress on commercializing autonomous vehicles
CO-PUBLISHER'S NOTE: Investors shouldn't get too happy. Remember, when GM declared bankruptcy a few years ago, millions of common share stock owners lost billions of dollars. Keep this in mind.
WARREN, MI - October 6, 2021: General Motors Co. (NYSE: GM) meets with investors today and tomorrow to detail its plans to double annual revenues by the end of the decade while growing EBIT-adjusted margins as it transitions to an all-electric future. GM has already announced plans to invest $35 billion through 2025 in all-electric and autonomous vehicles and launch more than 30 new EVs globally.
“GM’s vision of a world with zero crashes, zero emissions and zero congestion has placed us ahead of much of the competition in electrification, software-enabled services and autonomy,” said GM Chair and CEO Mary Barra. “Our early investments in these growth trends have transformed GM from automaker to platform innovator, with customers at the center. GM will use its hardware and software platforms to innovate and improve their daily experience, leading everybody on the journey to an all-electric future.”
Today’s events, including remarks and Q&A with Barra; GM President Mark Reuss; Doug Parks, executive vice president, Global Product Development, Purchasing and Supply Chain; Alan Wexler, senior vice president, Innovation and Growth; Dan Ammann, CEO of Cruise; Gerald Johnson, executive vice president, Global Manufacturing and Sustainability; and Chief Financial Officer Paul Jacobson, will be held at the iconic Design Dome at the GM Global Technical Center in Warren, Michigan.
Topics that will be discussed today include:
- GM’s plan to reach leadership in EV market share in the U.S. while growing its profits from internal combustion engine (ICE) vehicles. GM’s growth will be driven by the Ultium modular EV platform the company developed to launch a broad portfolio of highly desirable EVs using common, scalable components. The array of Ultium-powered EVs will include high-volume entries, including a Chevrolet crossover priced around $30,000, Buick crossovers, trucks from Chevrolet, GMC and HUMMER EV, as well as exquisitely crafted Cadillac EVs such as the upcoming LYRIQ and CELESTIQ.
- GM’s dual platform Ultium plus Ultifi strategy to aggressively expand digital services and increase the lifetime value of its vehicles. Ultifi is an end-to-end software platform designed to unlock new vehicle experiences and connect customers’ digital lives. It will help enable the frequent and seamless delivery of software-defined features, apps and services to customers over the air.
- A look inside GM’s global Innovation and Growth team and its mission to disrupt any market where it sees opportunity, and open new markets. GM is managing about 20 startups of various sizes and maturity levels, some in early phases, and others such as BrightDrop and OnStar Insurance that are launching now.
- Plans for more than 50 percent of the company's North America and China manufacturing footprint to be capable of EV production by 2030.
- The five-year pull ahead to 2025 of GM's commitment to source 100 percent renewable energy for the company’s U.S. facilities.
Today, Chevrolet provided a new glimpse of one of several Ultium-based EVs it is planning - the Silverado EV pickup, which will make its global debut on Jan. 5, 2022.
In addition, GM is sharing the first details of Ultra Cruise, a significant next step in hands-free advanced driving-assistance technology that will be offered starting in 2023. Designed to handle 95 percent of all driving scenarios on every paved road in the U.S. and Canada over time, it will create a virtually door-to-door hands-free driving experience. Ultra Cruise is being developed to be the premier advanced driver-assistance system on the market in terms of both capability and safe operation.
Today’s presentations will be webcast here beginning at 1 p.m. EDT with remarks by Barra. Jacobson’s presentation, which will include detailed revenue and EBIT-adjusted margin targets, will begin at 4:15 p.m. and slides will be available here.
Tomorrow’s activities will include product and technology immersions, including ride and drive opportunities in the GMC HUMMER EV and experiences with Super Cruise, GM’s advanced hands-free driving technology that is expanding to 22 different models by 2023.
Additional discussions will be led by executives, software developers and engineers driving new business ventures including BrightDrop, OnStar Insurance, Ultium Charge 360, e-commerce and subscription services.
General Motors (NYSE:GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. At the heart of this strategy is the Ultium battery platform, which will power everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, can be found at https://www.gm.com.