GM hopes to double revenue by catching up to Tesla in the EV race and rolling out robotaxis

Putting the EV in rEVolution… General Motors kicked off a two-day investor event yesterday by outlining bold plans to double annual revenue to $280B by 2030. GM says all its cars will be electric by 2035, and its eHummer goes on sale this fall. But EVs are only the start: GM says growth will come from services, like its fleet of Chevy Bolt autonomous EV taxis.

Your robotaxi has arrived… And it’s powered by GM. Cruise — an AV startup majority-owned by GM that counts Honda, Walmart, Microsoft, and Softbank as investors — is key to GM’s software-centric strategy. Here’s why:

• Cruising past Waymo: Cruise became the first robotaxi biz permitted to collect fares with no safety driver last month, beating Google-owned robotaxi rival Waymo.
• Robo-revenue: GM, which already signed a deal to sell a robotaxi fleet to Dubai, says robotaxi revenue will soon hit $50B — more than 30% of GM’s 2020 sales. Cruise was last valued at $19B in 2019, and Waymo at $30B in 2020.
• Connected everything: Robotaxis are just one application of GM’s auto tech. Walmart already uses Cruise self-driving tech to deliver groceries, and GM plans to launch in-car subscriptions through its Ultifi operating system in 2023.