General Motors CoIt plans to double its annual income to $280 billion by 2030. The company is making the transition to pure electric vehicles and diversifying its business, not just selling cars and trucks.

General Motors Co announced a new revenue target and an expected operating margin of 12 per cent, 14 per cent, ahead of an investor briefing on Wednesday. The two-day investor conference will detail how the company plans to achieve these goals through its traditional automotive business, new software and data-centric businesses.

The company's revenue target is based on the company's rolling average annual revenue of $140 billion in recent years, a company spokesman said. General Motors Co's revenue last year was close to $122.5 billion, down 10.8 per cent from 2019, mainly due to factory closures at the start of the COVID-19 epidemic; the company's operating margin was 7.9 per cent in 2020.

The investor meeting is expected to provide a "clear strategy" to convince investors to see the company as more like TeslaOf technology startups. Tesla, Inc. currently has a market capitalization of more than $750 billion, while General Motors Co has a market capitalization of only $79 billion.

Mary Barra, chief executive of General Motors Co, said the company expected most of its revenue growth to come from its new and service-based business, with "modest growth" in its traditional vehicles and business.

"especially in the early days, we saw an increase in sales of electric vehicles, so we saw huge growth opportunities from the perspective of electric vehicles, followed by subscriptions and services," she said.

General Motors Co will increase spending on electric and self-driving cars to $35 billion by 2025, with the goal of becoming a pure electric car manufacturer by 2035.

General Motors Co said he planned to overtake Tesla, Inc. to become the leader in US electric cars, but declined to give a timetable. The company has said it expects to sell 1 million electric vehicles a year worldwide by 2025.