GM to double revenues, debut hands-free auto in 2023

General Motors unveiled plans Wednesday to double revenues by 2030 as it ramps up electric vehicle production, and in 2023 launch an automobile that can be operated hands-free in most situations.

Building on a series of earlier electric vehicle investment announcements, the big US automaker said it was on track to rapidly scale up its EV business, which will include a vehicle priced at $30,000, cheaper than offerings from Tesla and other rivals. Executives also described a series of new or expanded businesses in car insurance, digital subscriptions and government sales that will bolster the business.

“The vehicle has become a software platform,” Chief Executive Mary Barra said at a briefing with reporters ahead of a two-day investor presentation. “There are so many growth opportunities we have.”

GM announced that its “Ultra Cruise” program, set to launch in 2023 on a premium vehicle, would enable hands-free operation in 95 percent of driving scenarios. It also said it plans to unveil an all-electric Silverado pickup truck at the CES technology event in January.

Earlier Wednesday, GM said it signed a memorandum of understanding with General Electric to collaborate on the sourcing of rare materials used to manufacture electric vehicles and renewable energy equipment.

In June, GM pledged to boost spending on EV and autonomous technology by 30 percent to $35 billion through 2025, part of a strategy to launch 30 new electric models by that year.