Many investors dismiss General Motors (NYSE: GM) as a boring, legacy automaker. And to be fair, with innovative pure-plays on electric vehicles like Tesla (NASDAQ: TSLA) and Rivian (NASDAQ: RIVN) in the market, it's not hard to see why GM might seem this way by comparison.
However, General Motors might have more growth potential than you might think. It has been well publicized that the company is investing heavily in EV development, but that's just the tip of the iceberg. There are several pathways to long-term revenue growth and margin expansion in GM's arsenal. In fact, if GM simply meets the expectations of its management team, it could be a massive winner for investors.
For starters, you may have heard that General Motors is investing $35 billion in EVs and for good reason. EVs have higher average selling prices than vehicles powered by internal combustion engines (ICE) and with excellent brand loyalty, GM is in an excellent position to grow into an EV leader . In fact, GM aims to scale its EV sales from $10 billion in 2023 to $90 billion by 2030. The company's proprietary battery platform (Ultium) not only gives it an advantage for its own vehicles, but has lots of potential to be used for third-party applications as well.
For further details see:
Could This Boring Stock Be a 10-Bagger By 2030?