Ever since we saw their Q4 results, we knew Mary was aiming big. So our latest Fast Financials for 2021 will explain why GM has big plans. Chairman and CEO Mary Barra penned a healthy note to shareholders last night. In it, she repeated their fourth-quarter Net Income of $2.8 billion. This underpins their 2020 total of $6.4 billion, and then she mentions where most of it will be going.
By 2025, GM is committing $27 billion to EV development. Her goal is to launch 30 electric cars by then, powered by Ultium batteries. This joint-venture with LG Chem is putting Lordstown, Ohio back to work. She sees this year as an inflection point for them, with a goal of selling over a million EVs in North America and China by the middle of this decade. Production of the Hummer EV will start soon, followed by the Cadillac Lyric. Their autonomous brand (Cruise LLC) has received $2 billion from Honda and Microsoft, and the 2021 Cadillac Escalade specs will include the first to offer Enhanced Super Cruise. Are you ready for a hybrid Corvette?
Image (C) General Motors