Mary Barra’s financial targets of about $244bn in ten years are the latest push in her campaign to convince investors that General Motors, not Tesla, will lead car market
General Motors CEO Mary Barra. Picture: REUTERS/REBECCA COOK
Barra’s ambitious financial targets for 2030 are the latest push in her campaign to convince investors that GM, not Tesla, can be the leader in both technology development and profitability as the motor industry navigates the most profound technology revolution since the mass-produced Ford Model T. But with a market capitalisation of about $78bn, GM remains far behind Tesla’s $773bn market cap, reflecting investor scepticism that GM can match Tesla’s battery and software prowess.
Ford Motor is on track to beat GM to market with the battery-electric Ford F-150 Lightning early in 2022, and Ford recently said it will double capacity for the Lightning at its Dearborn, Michigan, factory. Ford plans even more electric F-150 production at a complex planned for Tennessee. Start-up Rivian began production of its electric truck in September.
The revenue target also reflects Barra’s confidence that GM can build profitable software-driven services around the internal combustion core, and capture new customers with electric vehicles, such as a $30,000 electric Chevrolet crossover wagon.
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