GM to detail significant revenue expansion plans during highly anticipated investor day

DETROIT – General Motors CEO Mary Barra and other executives will detail plans to significantly expand and diversify the company’s revenue and earnings during a highly anticipated investor event this week in Detroit.

Future growth is a main focus of the event where executives will disclose specific targets regarding revenue, profit margins and the outlook on total market size for early expansion businesses, like self-driving taxis, according to people familiar with the matter, who asked not to be named because the plans haven’t been made public.

GM’s revenue last year was nearly $122.5 billion, down 10.8% compared with 2019 thanks largely to factory shutdowns at the beginning of the coronavirus pandemic. It still made $6.4 billion in net income for the year while its adjusted operating profit was $9.7 billion, or $4.90 a share, in 2020.

GM’s revenue last year was nearly $122.5 billion, down 10.8% compared with 2019 thanks largely to factory shutdowns at the beginning of the coronavirus pandemic. It still made $6.4 billion in net income for the year while its adjusted operating profit was $9.7 billion, or $4.90 a share, in 2020.

Aside from financial targets, GM executives will discuss the company’s plans to move from a traditional automaker focused on costs to a “platform company” that generates new revenue through software, core technologies and additional business lines such as OnStar and its EV commercial start-up BrightDrop, according to the people.

Barra and other executives have been laying the groundwork for the event for much of this year after expanding the company’s operations beyond simply producing cars and trucks.

“I can’t wait to be able to just lay out the complete growth strategy that General Motors has,” Barra said during a Credit Suisse investor event in June. “We’ve talked about a lot of pieces but be able to get back to being face to face and really show it and have the investors meet the teams that are doing it, I think will be key

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