GM's statements at presentation
General Motors' (GM) presentation to investors this week revealed details of the company's plans to double revenues, transform into a 'platform', build a fleet of 1m robot taxis and more. GM shares were up 4.65% on Thursday.
General Motors (GM) held an "Investor Day" this Wednesday, providing long-term financial projections for its development and transition to electric vehicles.
Wall Street analysts welcomed GM's "detailed roadmap" and pointed to a possible current "undervaluation" of the stock.
General Motors shares were up 4.65 per cent on Thursday, bringing the stock's gains over the past month to more than 15 per cent. GM shares are up 35.5% since the start of 2021 and have added 78.5% over the past 12 months.
GM is investing $35 billion in electric and autonomous vehicle technology by 2025 and plans to be fully electric by 2035.
During the event, GM chairman and CEO Mary Barra said: "GM has changed the world before and we are doing it again."
Message from General Motors at Investor Day 2021
GM has announced ambitious targets to double its annual revenue from $140bn to $280bn by 2030 and increase margins from 7.9% in 2020 to 12% to 14% over the same period.
GM predicts that revenues from electric car sales will grow from around $10 billion in 2023 to around $90 billion a year by 2030, as the company launches new models, including at least 30 new electric cars by 2025.
Meanwhile, the company is aiming to transform its business into a "platform company" GM intends to earn money from customer subscription fees for autonomous driving systems in its cars and new performance-enhancing features, as well as a fleet of robot taxis.
General Motors has unveiled Ultra Cruise, a brand new cutting-edge technology that aims to provide fully autonomous, hands-free driving in 95% of all driving scenarios. Ultra Cruise will eventually be usable on any paved road in the US and Canada, Mary Barra said.
The automaker also said that its planned annual capital expenditure is between $9 billion and $10 billion in battery joint ventures. Meanwhile, GM expects to fully fund this investment with its own funds.
The $750 million investment is planned to increase the availability of chargers and public charging stations for electric vehicles across the US and Canada by 2025, GM said.
