GM to double annual sales by 2030 in push to compete with Tesla

General Motors plans 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 beyond selling cars and trucks.

The automaker announced the new revenue target, along with higher projected operating profit margins of 12% to 14%, Wednesday ahead of investor presentations in which it will detail exactly how the company plans to meet those targets through both traditional automotive operations and new IT- and data-focused businesses.

The revenue goal is based on a rolling average of about $140 billion for the automaker in recent years, a company spokesman said. GM’s revenue last year was nearly $122.5 billion, down 10.8% compared with 2019 due largely to factory shutdowns as a result of the coronavirus pandemic. Its operating profit margin was 7.9% in 2020.