GM is looking to position itself as a technology platform company that is just as focused on software as on making electric vehicles (EVs), according to Reuters,.
The North American giant will reportedly brief investors on October 6.
Similarly to Ford which last week alone committed $15.7 billion to three new US EV and battery plants, GM is spending big with aspirations of catching Tesla.
Tesla currently has a market capitalisation value of US$776.6 billion (A$1.06 trillion), whereas GM has a value of US$77.1 billion (A$106 billion).
GMC Hummer EV
GM would have to increase its market cap by 10 times to equal Tesla right now, even though it makes far more vehicles.
“The question you should ask yourself is will we see doubling of revenues? Will we see margin expansion? Those are the sorts of things that you’re going to see over a period of time,” a source told Reuters.
“Stay tuned for pretty impressive numbers on revenue and margin expansion.”
Cadillac Lyriq
One product that GM plans to close the gap on Tesla with is its Ultifi software platform, set to launch in 2023.
This software-oriented product could become an open platform for developers and is key in GM’s pivot to connected electric vehicles.
GM will most likely mention its Ultium battery planned to be developed in partnership with LG Energy Solutions.
GM says this battery technology is capable of a total electric range of 724km and will be profitable from the first generation.
Projected sales figures for GM EVs are expected to come from this investor meeting as well.
“We’re really knitting together all elements of our growth strategy,” said Ken Morris, GM Vice President of EVs and autonomous vehicles (AVs).
As previously reported by CarExpert, GM said that it aims to spend US$35 billion (A$48.1b) on EV and AV development by 2025.
A report from AutoForecast Solutions (AFS) indicates there’s going to be at least 20 EVs coming from GM by 2028.
This includes the already announced Cadillac Lyriq SUV, GMC Hummer EV, Chevrolet Silverado electric pickup.
It also details the scheduled launch of the Cadillac Celestiq sedan, all-electric Cadillac Escalade, all-electric Chevrolet Tahoe and GMC Yukon, and Cadillac Symboliq crossover.
Many of these new GM EVs are planned to be built in North America at five manufacturing plants: Orion Township and Detroit-Hamtramck in Michigan, Spring Hill in Tennessee, Ingersoll in Ontario, Canada, and Ramos Arizpe in Coahuila, Mexico.
Ford recently invested US$11.4 billion (A$15.7 billion) in building three new US facilities, including the Blue Oval City hub, dedicated towards increasing EV and battery production.
Largely in a joint venture with South Korean petroleum refining company, SK Innovations, Ford plans to have all three of its production hubs fully-operational by 2025.
It is uncertain whether GM or Ford will ever be able to catch up to Tesla, but regardless both companies are reaching deep into their pockets to gain an upper hand.
MORE: GM boosts planned EV investments
MORE: Ford spending $15.7 billion on new electric car production hubs in US
