Robotaxi drivers tell great jokes Igor Alecsander/E+ via Getty Images
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:
Tech-enabled mobility platforms > car companies... even EV car companies. Tesla is worth 10X GM — even though it delivered 10X fewer cars last year — because investors value Tesla like a tech company, not like a carmaker. Now GM’s gunning for its own sky-high tech valuation by investing big bucks to take Tesla’s crown as America’s EV giant. But since that could take years, GM is also tapping revenue streams Tesla hasn’t touched, like robotaxis and driverless delivery services.