Skip to main content
Thursday, November 12, 2026Nov 12
Subscribe
All Sections
Search
More

GM sets to double revenue, lead US in electric vehicle sales

FILE - This Oct. 16, 2019, file photo shows a sign at a General Motors facility in Langhorne, Pa. General Motors and General Electric are looking at developing a supply chain of rare earth materials that help make electric vehicles and renewable energy equipment. The companies said Wednesday, Oct. 6, 2021 that the memorandum of understanding between the automaker and GE Renewable Energy will evaluate options to improve supplies of heavy and light rare earth materials as well as magnets, copper and electrical steel. (AP Photo/Matt Rourke, File)
FILE - This Oct. 16, 2019, file photo shows a sign at a General Motors facility in Langhorne, Pa. General Motors and General Electric are looking at developing a supply chain of rare earth materials that help make electric vehicles and renewable energy equipment. The companies said Wednesday, Oct. 6, 2021 that the memorandum of understanding between the automaker and GE Renewable Energy will evaluate options to improve supplies of heavy and light rare earth materials as well as magnets, copper and electrical steel. (AP Photo/Matt Rourke, File) FILE - This Oct. 16, 2019, file photo shows a sign at a General Motors facility in Langhorne, Pa. General Motors and General Electric are looking at developing a supply chain of rare earth materials that help make electric vehicles and renewable energy equipment. The companies said Wednesday, Oct. 6, 2021 that the memorandum of understanding between the automaker and GE Renewable Energy will evaluate options to improve supplies of heavy and light rare earth materials as well as magnets, copper and electrical steel. (AP Photo/Matt Rourke, File)

By TOM KRISHER / Associated Press Auto Writer 5 min read

WARREN, Mich. (AP) – General Motors plans to cash in as the world switches from combustion engines to battery power, promising to double its annual revenue by 2030 with an array of new electric vehicles, profitable gas-powered cars and trucks, and services such as an electronic driving system that can handle most tasks on the road.

In announcements Wednesday ahead of a two-day investor event in suburban Detroit, the company also pledged to unseat Tesla and become the electric vehicle market share leader in U.S., although no time frame was given.

The company also teased upcoming new electric vehicles including a Chevrolet small SUV that will cost around $30,000, as well as electric trucks from Chevrolet and GMC, crossover SUVs from Buick, and luxury vehicles from Cadillac. An electric Chevrolet Silverado pickup truck that can go 400 miles per charge will be unveiled at the CES gadget show in January. A GMC electric pickup will follow.

The $30,000 Chevy SUV should bring serious sales to GM because it’s the size of the Equinox, GM’s second-best selling vehicle, President Mark Reuss said. He said the company is working on a smaller Chevy Blazer electric vehicle, as well as a smaller vehicle at a lower price point. He gave no details.

Electric vehicles will draw new buyers to GM vehicles, according to Reuss. He also said the company is going to create a dedicated factory to build electric trucks, from an existing facility.