General Motors Says it Will Double Annual Revenue by 2030 and Wants to Be Like Tesla

General Motors has some big plans moving forward.

The company has announced that it will double its annual revenue by 2030 to $280 billion and wants to be seen more like Tesla.

The auto maker has said that it wants to grow its profit margins by the end of the decade of 12% to 14% as it transitions to all-electric vehicles and diversifies its operations beyond selling cars and trucks.

The announcement comes as the company kicks off its first day of a two day investor meeting.

GM’s revenue goal is based on a rolling average of about $140 billion for the automaker in recent years, a company spokesman said.

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. Its operating profit margin was 7.9% in 2020.

“When you look at all of the investments we’ve been making for five years plus, that’s what positions us today to really be in execution mode,” GM CEO and Chair Mary Barra said before the event kicked off. “We have great confidence in our ability to grow revenues.”

The two day investor meeting will have product test drives on Thursday and aims to provide a “clear strategy” to persuade investors to value the company more like a technology start-up such as Tesla.

Tesla is valued at more than $750 billion while GM is valued at $79 billion.

“Especially in the initial days, we see EVs being plus volume, so we see tremendous opportunity to grow from an EV perspective and then the subscription and services,” said Barra.

GM President Mark Reuss told investors Wednesday the company will soon announce a second assembly plant for battery electric trucks.

The automaker is in the process of investing $35 billion in electric and autonomous vehicles through 2025, and wants to become an all-electric automaker by 2035.

“No one is going to be able to touch us in the battery-electric truck space,” Reuss said. “You’re going to see that we have hit the mark on those.”

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.