GM "No.1 in US Electric Vehicle Market in 2025... Sales to Double by 2030"

Partial Reveal of Next-Generation Advanced Driver Assistance System 'Ultra Cruise'

[Asia Economy Reporter Yu Je-hoon] General Motors (GM) has announced its goal to become the number one player in the U.S. electric vehicle market by 2025. Additionally, GM aims to double its revenue by 2030.

On the 6th (local time), GM held the 'GM Investor Day 2021' at the GM Global Technical Center Design Dome in Warren, Michigan, addressing investors worldwide and revealing these plans.

Mary Barra, GM Chairperson and CEO, stated, "GM's vision of zero traffic accidents, zero carbon emissions, and zero traffic congestion has been the driving force behind our leadership in electrification, software-enabled services, and autonomous driving. By making early investments in these growth opportunities, GM has transformed from an automaker into a customer-centric platform innovation company. Through hardware and software platforms, we will revolutionize everyday life for everyone and lead them on a journey toward a fully electrified future."

GM’s immediate goal is to increase profits from existing internal combustion engine vehicles while achieving the number one market share in the U.S. electric vehicle market by 2025. The key to this is the Ultium electric vehicle platform. Earlier this year, GM announced plans to invest $35 billion (approximately 41 trillion KRW) in electric and autonomous vehicle sectors by 2025 and to launch more than 30 new electric vehicle models.

During the event, the Chevrolet brand also unveiled part of the Silverado EV pickup truck, one of the upcoming electric vehicles based on the Ultium platform. The Silverado EV is scheduled for its official debut on January 5 next year.

Furthermore, GM plans to double its current annual revenue (approximately $140 billion) by 2030. This growth is expected to come from software and new business sectors, which are projected to grow by 50% annually. GM anticipates that annual revenue from electric vehicle sales will increase to about $90 billion (approximately 107 trillion KRW) by 2030, while connected car businesses and other new ventures are expected to generate an additional $80 billion (approximately 95 trillion KRW) in revenue.

GM also sees the autonomous driving sector as having a potential annual revenue of $50 billion (approximately 59 trillion KRW) within the next decade. Paul Jacobson, Vice President and Chief Financial Officer (CFO), emphasized, "GM is currently at an inflection point that will enable us to double our revenue and profits in 10 years. Alongside our core businesses of designing, manufacturing, and selling world-class internal combustion engine vehicles, electric vehicles, and autonomous vehicles, we will achieve our goals through expanding high-margin software and related services, entering new businesses, and commercializing them."

Meanwhile, GM announced during the presentation that it will increase its investment in charging infrastructure across North America?including homes, workplaces, and public charging stations?to approximately $750 million (about 900 billion KRW) by 2025.

Additionally, GM revealed some details about its advanced driver assistance technology, Ultra Cruise. Set to be available across the U.S. and Canada starting in 2023, Ultra Cruise is designed to handle over 95% of driving scenarios on the road and is expected to provide a hands-free driving experience to nearly all users. Ultra Cruise is being developed to be the highest-level advanced driver assistance system in terms of both functionality and safety.

This content was produced with the assistance of AI translation services.