Business Maverick: GM Sets Target for Doubled Revenue, Fatter Margins by 2030

GM plans to reach that ambitious growth target while also expanding margins even as it shifts toward electric vehicles, the company said Wednesday in a presentation to investors. The company said that some of the new businesses, like its Super Cruise hands-free driving service, could have higher margins than selling cars and will drive bigger profits. The automaker brought in $122 billion in revenue last year.

To achieve that, Barra said the company will look to get $80 billion in new revenues from software-enabled services and new businesses such as Cruise, the BrightDrop electric delivery van business and GM’s new Defense and OnStar Insurance lines. Of that $80 billion, the software platform alone is expected to generate between $20 billion and $25 billion a year in new revenue, she said.

“We don’t have a dome that’s big enough for the pipeline of all the vehicles we’re working on,” Reuss said. Ultra Cruise will be offered on GM’s high-end models, the company said. Both Ultra Cruise and Super Cruise will be paid subscription services.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business Maverick: Biden Team Debates IMF Chief’s Fate as Board Reviews ActionsTreasury Department officials are debating whether the U.S., the International Monetary Fund’s largest shareholder, should ask Managing Director Kristalina Georgieva to resign amid an ethics scandal, people familiar with the situation said.
Source: dailymaverick - 🏆 3. / 84 Read more »

BUSINESS MAVERICK: Anglo’s appointment of Mpumi Zikalala means black, female CEOs of Alsi 40 companies doubles … to twoSouth Africa’s largest mining company, Anglo American, has made two significant appointments, booting current Kumba CEO Themba Mkhwanazi upstairs to take over the bulk commodities business and appointing a 41-year-old black woman, Mpumi Zikalala, as his replacement.
Source: dailymaverick - 🏆 3. / 84 Read more »