NEW YORK, Oct 7 ― General Motors unveiled plans yesterday to double revenues by 2030 as it ramps up electric vehicle production, and in 2023 launch an automobile that can be operated hands-free in most situations.
“The vehicle has become a software platform,” Chief Executive Mary Barra said at a briefing with reporters ahead of a two-day investor presentation. “There are so many growth opportunities we have.” Earlier yesterday, GM said it signed a memorandum of understanding with General Electric to collaborate on the sourcing of rare materials used to manufacture electric vehicles and renewable energy equipment.
Using US$140 billion as a baseline, GM said it would double annual revenues by the end of the decade, with EV revenues jumping from US$10 billion to about US$90 billion annually by 2030. GM also withdrew from a planned investment in Nikola, an EV startup formerly led by Trevor Milton, who was indicted by the Department of Justice in July on three counts of fraud.GM executives touted the company's latest offerings in driver assistance technology, with Ultra Cruise set to debut on premium vehicles for the 2023 season, which will be introduced in late 2022. They declined to name models that would have this function.
The programme has 360-degree perception around the vehicle and employs cameras, radars and sensors to enable a vehicle to follow speed limits, automatically change lanes and avoid close objects.
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