General Motors Chief Executive Officer Mary Barra is scheduled to speak during the company’s Investor Day on November 17. She is expected to outline a plan for how the automaker can fund battery plants and assembly while simultaneously building margins for GM’s Ultium battery program.
According to people familiar with the matter, Barra plans to announce the company’s expectations to yield profits from its electric vehicle program by 2025. That lines up with the company’s date to reach sales of 1 million battery-powered cars.
GM plans to start producing electric vehicles in large volume next year, with the Chevrolet brand selling a battery-powered Silverado pickup, Blazer, and an Equinox electric SUV. The automaker recently opened its first Ultium plant in Lordstown, Ohio. The factory started production in August and makes battery cells for the Hummer pickup EV and Cadillac Lyriq SUV. A second battery plant is scheduled to open next year in Spring Hill, Tennessee.
Last year, GM announced plans to double revenue by 2030 to about $280 billion, an effort that relies on growing its market share by including a lineup of electric vehicles that sell as well as the company’s internal combustion vehicles. The company also has plans to raise revenue by marketing its software-related services and Cruise self-driving vehicle platform.
Barra spoke about the upcoming presentation on last month’s quarterly earnings call, saying it will “go deeper into the second phase of our EV growth strategy.” The CEO said the second and third phases of the company’s plan to double revenue and improve margins include expanding Ultium and using the software platform to build other services. She also said GM would share details about the expansion of its Super Cruise hands-free driver-assist program and Ultra Cruise during the upcoming presentation.
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