General Motors has announced a plan to double its annual revenue to $280 billion by the end of this decade, as it transitions to all-electric vehicles and diversifies its operations.
The US automaker said it aims to achieve operating profit margins ranging from 12% to 14%, before submitting offers detailing how the company plans to achieve these goals.
General Motors’ revenues amounted to $122.5 billion in 2020, a 10.8% decline compared to the previous year, as the business was affected by the emergence of the “Covid-19” pandemic.
“When you look at all of our investments over the past five years or more, it’s what puts us today in the position to implement our plans, we have great confidence in our ability to increase revenue,” CEO Mary Barra said during a press briefing.
Barra expects most of the expected revenue growth to come from the company’s new, service-based and electric vehicle business, with moderate growth from its traditional operations.
The article “General Motors” plans to double its annual revenue to $ 280 billion by the end of this decade was written in Al Borsa newspaper.