Editor's note: A previous version of this story misstated the amount GM will spend on electric and autonomous vehicle development through 2025.
DETROIT – General Motors plans to double its revenue and expand margins by 2030 through a series of steps, such as retooling existing plants for electric vehicle production, commercializing Cruise's business and leveraging new businesses, including BrightDrop and Ultifi.
"GM is unlocking a secular growth story that is changing the trajectory of our business," CFO Paul Jacobson said in a statement.
The automaker plans to double revenue to $280 billion from its five-year average of $140 billion by 2030, with software and other new businesses growing nearly 50 percent annually through 2030. The core automotive business will fund much of the growth, Jacobson said. GM expects electric-vehicle revenue to grow from a projected $10 billion in 2023 to about $90 billion annually by 2030 as the automaker's EV portfolio expands. GM has said it aims to launch 30 EVs globally and invest $35 billion in electric and autonomous vehicle development through 2025.
Beyond EV revenue, GM projects that connected vehicles and other new businesses will drive more than $80 billion in revenue.
GM also expects to expand margins to 12 to 14 percent by 2030. Last year, GM's adjusted profit margin was 9.4 percent.