On Wednesday, GM announced some ambitious financial targets aiming to double revenue by 2030 thanks to an increase of new electric and battery-electric vehicles coming soon. Furthermore, the company took aim at the number one EV manufacturer in the US, Tesla, by announcing an upcoming affordable $30,000 EV Crossover.
According to comments made during GM’s investor shareholder meeting, the company has some lofty goals. Not only are we expecting GM’s EV Hummer, but it also confirmed a Silverado EV, Chevy Blazer EV for roughly $30K, and a Chevy Equinox EV. Here’s a statement from the meeting:
“GM plans to reach leadership in EV market share in the U.S. while growing its profits from internal combustion engine (ICE) vehicles.”
Reaching leadership in EV market share means competing with and beating Tesla. An essential aspect of the announcement is the new Chevy Equinox EV, an electrified version of the brand’s second best-selling vehicle, with the Silverado being number one.
If GM and Chevy can manage to deliver an affordable $30,000 Blazer EV, an Equinox EV, along with its unnamed “$30,000 EV Crossover,” it could be in a much better position to overtake Tesla. And when you consider Tesla has continuously increased pricing on its cheapest Model 3 throughout 2021, which now costs over $41k, buyers will likely be very interested in a more affordable electric vehicle option.
“GM’s vision of a world with zero crashes, zero emissions, and zero congestion has placed us ahead of much of the competition in electrification, software-enabled services, and autonomy,” said GM CEO Mary Barra. “Our early investments in these growth trends have transformed GM from automaker to platform innovator, with customers at the center. GM will use its hardware and software platforms to innovate and improve their daily experience, leading everybody on the journey to an all-electric future.”
The company’s modular Ultium EV platform will lead the charge, underlying many upcoming vehicles. Then, by 2030, the automaker hopes over half of its manufacturing plants in North America and China will be fully capable of EV production.