New York (CNN Business) General Motors' transition to an all-electric vehicle lineup will help the environment. It will also help make GM a 100% more successful business, the company says.
GM announced Wednesday that it forecasts doubling global revenue by the end of the decade and improving its profit margin as it does so. Company executives are set to lay out specifics of their plans at a two-day investor program beginning Wednesday.
Doubling revenue would mean adding more than $100 billion in annual sales. The company reported global revenue of $122.5 billion last year, despite the hit to sales from the Covid pandemic, and $137.2 billion in 2019.
GM said it will accomplish this not just by selling more cars, but by moving into new markets, including auto insurance, defense contracting, as well as autonomous vehicle ride hailing and delivery services. Earlier this week Bloomberg reported that the automaker forecasts it could quickly reach annual revenue of $50 billion from its robotaxi unit once it starts selling rides.
Car buyers are also looking for new, more expensive options, including assisted driving and enhanced safety features. GM plans to unveil details Wednesday of what it is dubbing Ultra Cruise, the next step in its hands-free, driver assist technology that will be offered starting in 2023.
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