WARREN, Mich., Oct. 6, 2021 /PRNewswire/ --
Two-day investor event will detail GM's innovative approach
to growth with transparent key financial metrics,
featuring:
- GM's dual platform strategy for hardware and software and
how it will drive growth
- New business initiatives and technologies, including
next-generation Ultra Cruise
- Plans to rapidly scale EV manufacturing, with more than 50
percent of North America and
China plants capable of EV
production by 2030
- Updates on Cruise and its progress on commercializing
autonomous vehicles
General Motors Co. (NYSE: GM) meets with investors today and
tomorrow to detail its plans to double annual revenues by the end
of the decade while growing EBIT-adjusted margins as it transitions
to an all-electric future. GM has already announced plans to invest
$35 billion through 2025 in
all-electric and autonomous vehicles and launch more than 30 new
EVs globally.
"GM's vision of a world with zero crashes, zero emissions and
zero congestion has placed us ahead of much of the competition in
electrification, software-enabled services and autonomy," said GM
Chair and CEO Mary Barra. "Our early
investments in these growth trends have transformed GM from
automaker to platform innovator, with customers at the center. GM
will use its hardware and software platforms to innovate and
improve their daily experience, leading everybody on the journey to
an all-electric future."
Today's events, including remarks and Q&A with Barra; GM
President Mark Reuss; Doug Parks, executive vice president, Global
Product Development, Purchasing and Supply Chain; Alan Wexler, senior vice president, Innovation
and Growth; Dan Ammann, CEO of
Cruise; Gerald Johnson, executive
vice president, Global Manufacturing and Sustainability; and Chief
Financial Officer Paul Jacobson,
will be held at the iconic Design Dome at the GM Global
Technical Center in Warren,
Michigan.
Topics that will be discussed today include:
- GM's plan to reach leadership in EV market share in the U.S.
while growing its profits from internal combustion engine (ICE)
vehicles. GM's growth will be driven by the Ultium modular EV
platform the company developed to launch a broad portfolio of
highly desirable EVs using common, scalable components. The array
of Ultium-powered EVs will include high-volume entries, including a
Chevrolet crossover priced around $30,000, Buick crossovers, trucks from Chevrolet,
GMC and HUMMER EV, as well as exquisitely crafted Cadillac EVs such
as the upcoming LYRIQ and CELESTIQ.
- GM's dual platform Ultium plus Ultifi strategy to aggressively
expand digital services and increase the lifetime value of its
vehicles. Ultifi is an end-to-end software platform designed to
unlock new vehicle experiences and connect customers' digital
lives. It will help enable the frequent and seamless delivery of
software-defined features, apps and services to customers over the
air.
- A look inside GM's global Innovation and Growth team and its
mission to disrupt any market where it sees opportunity, and open
new markets. GM is managing about 20 startups of various sizes and
maturity levels, some in early phases, and others such as
BrightDrop and OnStar Insurance that are launching now.
- Plans for more than 50 percent of the company's North America and China manufacturing footprint to be capable of
EV production by 2030.
- The five-year pull ahead to 2025 of GM's commitment to source
100 percent renewable energy for the company's U.S.
facilities.
Today, Chevrolet provided a new glimpse of one of several
Ultium-based EVs it is planning - the Silverado EV pickup, which
will make its global debut on Jan. 5,
2022.
In addition, GM is sharing the first details of Ultra Cruise, a
significant next step in hands-free advanced driving-assistance
technology that will be offered starting in 2023. Designed to
handle 95 percent of all driving scenarios on every paved road in
the U.S. and Canada over time, it
will create a virtually door-to-door hands-free driving experience.
Ultra Cruise is being developed to be the premier advanced
driver-assistance system on the market in terms of both capability
and safe operation.
Today's presentations will be webcast here beginning at
1 p.m. EDT with remarks by Barra. Jacobson's
presentation, which will include detailed revenue and EBIT-adjusted
margin targets, will begin at 4:15
p.m. and slides will be available here.
Tomorrow's activities will include product and technology
immersions, including ride and drive opportunities in the GMC
HUMMER EV and experiences with Super Cruise, GM's advanced
hands-free driving technology that is expanding to 22 different
models by 2023.
Additional discussions will be led by executives, software
developers and engineers driving new business ventures including
BrightDrop, OnStar Insurance, Ultium Charge 360, e-commerce and
subscription services.
General Motors (NYSE:GM) is a global company focused on
advancing an all-electric future that is inclusive and accessible
to all. At the heart of this strategy is the Ultium battery
platform, which will power everything from mass-market to
high-performance vehicles. General Motors, its subsidiaries and its
joint venture entities sell vehicles under the Chevrolet, Buick,
GMC, Cadillac, and Wuling brands. More information on the company
and its subsidiaries, including OnStar, a global leader in vehicle
safety and security services, can be found at
https://www.gm.com.
Forward-Looking Statements
This press release and related presentations made by management
may include "forward-looking statements" within the meaning of the
U.S. federal securities laws. Forward-looking statements are any
statements other than statements of historical fact.
Forward-looking statements represent our current judgment about
possible future events and are often identified by words like
"aim," "anticipate," "appears," "approximately," "believe,"
"continue," "could," "designed," "effect," "estimate," "evaluate,"
"expect," "forecast," "goal," "initiative," "intend," "may,"
"objective," "outlook," "plan," "potential," "priorities,"
"project," "pursue," "seek," "should," "target," "when," "will,"
"would," or the negative of any of those words or similar
expressions, as well as by charts presenting aspects of our long
term plan and other projections of future performance. In making
these statements, we rely on assumptions and analysis based on our
experience and perception of historical trends, current conditions
and expected future developments as well as other factors we
consider appropriate under the circumstances. We believe these
judgments and assumptions are reasonable, but these statements are
not guarantees of any future events or financial results, and our
actual results may differ materially due to a variety of important
factors, many of which are beyond our control. These factors, which
may be revised or supplemented in subsequent reports we file with
the U.S. Securities and Exchange Commission ("SEC"), include, among
others, the following: (1) our ability to deliver new products,
services and customer experiences in response to increased
competition and changing consumer preferences in the automotive
industry; (2) our ability to timely fund and introduce new and
improved vehicle models, including electric vehicles, that are able
to attract a sufficient number of consumers; (3) the success of our
crossovers, SUVs and full-size pickup trucks; (4) our highly
competitive industry, which is characterized by excess
manufacturing capacity and the use of incentives, and the
introduction of new and improved vehicle models by our competitors;
(5) our ability to deliver a broad portfolio of electric vehicles
and drive increased consumer adoption; (6) the unique
technological, operational, regulatory and competitive risks
related to the timing and commercialization of autonomous vehicles;
(7) the ongoing COVID-19 pandemic; (8) global automobile market
sales volume, which can be volatile; (9) our significant business
in China, which is subject to
unique operational, competitive, regulatory and economic risks;
(10) our joint ventures, which we cannot operate solely for our
benefit and over which we may have limited control; (11) the
international scale and footprint of our operations, which exposes
us to a variety of unique political, economic, competitive and
regulatory risks, including the risk of changes in government
leadership and laws (including labor, tax and other laws),
political instability and economic tensions between governments and
changes in international trade policies, new barriers to entry and
changes to or withdrawals from free trade agreements, public health
crises, including the occurrence of a contagious disease or
illness, such as the COVID-19 pandemic, changes in foreign exchange
rates and interest rates, economic downturns in the countries in
which we operate, differing local product preferences and product
requirements, changes to and compliance with U.S. and foreign
countries' export controls and economic sanctions, differing labor
regulations, requirements and union relationships, differing dealer
and franchise regulations and relationships, and difficulties in
obtaining financing in foreign countries; (12) any significant
disruption, including any work stoppages, at any of our
manufacturing facilities; (13) the ability of our suppliers to
deliver parts, systems and components without disruption and at
such times to allow us to meet production schedules; (14) prices of
raw materials used by us and our suppliers; (15) our ability to
successfully and cost-effectively restructure our operations in the
U.S. and various other countries and initiate additional cost
reduction actions with minimal disruption; (16) the possibility
that competitors may independently develop products and services
similar to ours, or that our intellectual property rights are not
sufficient to prevent competitors from developing or selling those
products or services; (17) our ability to manage risks related to
security breaches and other disruptions to our information
technology systems and networked products, including connected
vehicles and in-vehicle systems; (18) our ability to comply with
increasingly complex, restrictive and punitive regulations relating
to our enterprise data practices, including the collection, use,
sharing and security of the Personal Identifiable Information of
our customers, employees, or suppliers; (19) our ability to comply
with extensive laws, regulations and policies applicable to our
operations and products, including those relating to fuel economy
and emissions and autonomous vehicles; (20) costs and risks
associated with litigation and government investigations; (21) the
costs and effect on our reputation of product safety recalls and
alleged defects in products and services; (22) any additional tax
expense or exposure; (23) our continued ability to develop captive
financing capability through GM Financial; and (24) any significant
increase in our pension funding requirements. A further list and
description of these risks, uncertainties and other factors can be
found in our 2020 Form 10-K and our subsequent filings with the
SEC.
We caution readers not to place undue reliance on
forward-looking statements. Forward-looking statements speak only
as of the date they are made, and we undertake no obligation to
update publicly or otherwise revise any forward-looking statements,
whether as a result of new information, future events or other
factors, except where we are expressly required to do so by
law.
Non-GAAP Financial Measures: See our 2020 Form 10-K
and our subsequent filings with the SEC for a description of
certain non-GAAP measures referenced in this press release and
related presentations made by management, including EBIT-adjusted,
ROIC-adjusted and adjusted automotive free cash flow, along with a
description of various uses for such measures. Our calculation of
these non-GAAP measures is set forth within these reports and may
not be comparable to similarly titled measures of other companies
due to potential differences between companies in the method of
calculation. As a result, the use of these non-GAAP measures has
limitations and should not be considered superior to, in isolation
from, or as a substitute for, related U.S. GAAP measures.
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SOURCE General Motors Co.