GM aims to double revenues by 2030 as it drives to pass Tesla

GM Mary Barra

DETROIT: General Motors Co Chief Executive Mary Barra (pic) told investors on Wednesday that the automaker plans to double revenue by 2030, expanding profits from combustion vehicles even as it rolls out new electric vehicles and new digitally powered services to catch up with Tesla Inc.

GM said if it succeeds, annual revenue by 2030 would be about $280 billion, and the automaker would be the leader in U.S. electric vehicle sales. Chief Financial Officer Paul Jacobson said GM expects pre-tax profit margins of 12 to 14%, which could beat current levels. That would imply annual pre-tax profits of as much as $39 billion.