GM aims to double revenues, overtake Tesla

General Motors boss Mary Barra has set a goal to double revenues by 2030.

If she succeeds, that would mean annual sales of about $280 billion - and implies the firm would be the U.S. leader in electric vehicle sales, overtaking Tesla.

Speaking late Wednesday (October 6), Barra also detailed plans to go all-electric by 2035.

She says that move will start slowly, and then accelerate after 2030.

The company reckons it can afford to invest $10 billion a year on making the change, while still having money left to return to shareholders.

Next year will see a symbolic moment, when it launches an electric version of its best-selling vehicle in North America, the Chevrolet Silverado pickup truck.

But GM thinks its combustion-engined sales can keep growing even while it makes the shift.

It also expects revenues from new businesses like its Cruise autonomous rides unit.

Overall it wants to transform "from automaker to platform innovator" - a reference to tech firms like Apple that have far higher stock valuations.

But the company has a long way to go to convince investors.

Right now it's worth barely a tenth of Tesla's $773 billion.

Strong profits would certainly help.

The 2030 target also foresees margins of up to 14%.

If achieved, that would imply annual profits of up to $39 billion.

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