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GM under Barra will sell more than cars and trucks as automaker targets trillions in new markets
PUBLISHED THU, MAY 6 202110:36 AM EDTUPDATED 26 MIN AGO
Michael Wayland
@MIKEWAYLAND
The Detroit automaker’s innovation division has identified $1.3 trillion in new market opportunities that it believes compliments its core business.
GM’s majority-owned autonomous vehicle unit Cruise is vying for what executives say could be an $8 trillion market in the future
The company’s also dipping its toes into urban air mobility, which it predicts will be a more than $1 trillion market of its own.
In this article
GM
+0.41 (+0.71%)
GM CEO Mary Barra shareholder meeting 2017
GM CEO Mary Barra talks with media prior to the start of the 2017 General Motors Company Annual Meeting of Stockholders Tuesday, June 6, 2017 at GM Global Headquarters in Detroit, Michigan.
Photo by John F. Martin for GM
DETROIT – Since taking over the helm of General Motors in 2014, CEO Mary Barra has meticulously cut costs, slashed about 64,000 jobs, exited unprofitable markets overseas and audaciously pledged to become an all-electric auto company by 2035.

Though controversial at times, each of those decisions took GM one step closer to where it is today: poised for growth in new markets.


Barra’s GM looks vastly different than the one she inherited out of the financial crisis. Leveraging its core business, GM is targeting trillions in future markets that stretch far beyond just selling cars and trucks.

“This is just the beginning for the next-generation of General Motors,” Barra told investors Wednesday during GM’s first-quarter earnings call. “We are well on track with our plans to transform our company and lead the industry into the future.”

Leading much of the expansion is GM’s global growth and innovation team. New businesses from the team have include electric commercial vehicles, auto insurance, military defense and expanding services of its connected OnStar brand with more new ventures on the way.

$1.3 trillion

The Detroit automaker’s innovation division has identified $1.3 trillion in new market opportunities that it believes compliments its core business and it has a right to “win in,” executives told CNBC. That does not include GM’s majority-owned autonomous vehicle unit Cruise, which could be an $8 trillion market in the future, or urban air mobility, which it predicts will be a more than $1 trillion market of its own.

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“Our whole goal is to grow the [total addressable market] through utilizing existing GM assets, know how, IP where we have existing capabilities to solve new problems for maybe customers we have now, maybe customers that we don’t have now,” Pam Fletcher, GM vice president of global innovation, said during a video interview.


The expansion plans, if successful, would alter how the company makes money and could help temper the boom and bust cycles of the automotive industry. GM would rely more on recurring revenue from software and services than simply producing and selling vehicles.

GM’s innovation team has about 20 initiatives in its pipeline that target that $1.3 trillion in potential new markets, according to Alan Wexler, GM’s senior vice president of innovation and growth.

Wexler said the team is evaluating urban air mobility, think flying cars and taxis, for the mid-2030s as well as more sustainable businesses like recycling electric vehicle batteries to use as power generators.

H/O: Flying car and autonomous shuttle from GM
Renderings from GM of the “Cadillac halo portfolio” that includes concepts of an autonomous shuttle (right) and an electric vertical take-off and landing (eVTOL) aircraft, also known as a flying vehicle.
Screenshot via GM
The mission is to have the innovation unit, which was created in 2018, serve as a start-up incubator within the automaker, allowing each business to move more quickly than GM traditionally has. Wexler describes the end goal as creating a company that will be radically different than it is today.

“I think the most exciting thing and the reason why I’m here is we’re creating a company that doesn’t exist in the world, and frankly we’re creating an industry that doesn’t exist in the world and we’re doing it for the sake of people on the planet,” he said during a video interview.

Global growth strategy

Both Wexler, former CEO of consulting firm Publicis Sapient, as well as Fletcher, a GM veteran, have been tasked by Barra to lead the automaker’s growth into new segments.

So far, the innovation division has launched a military defense unit, a new commercial EV business called BrightDrop and expanded GM’s decades-old OnStar connectivity brand into insurance, vehicle logistics and security services.

“What we’re focused on doing here is to set the context for everything that we do,” Wexler said. “We’re not looking at the sideview or the rearview mirror, if I can use an auto analogy. We’re really looking toward the future.”

Barra told investors this week that GM remains fully committed to investing in its new businesses as well as EVs despite the coronavirus pandemic and an ongoing global shortage of semiconductor chips.

“The challenges we have with semiconductors right now are a temporary situation,” she said. “We will work through that and move beyond it, and it’s not impacting our transformation and growth strategy.”

Barra’s intentions to reimagine the company largely began publicly in 2017, when the company acquired Cruise and launched mobility initiatives such as its now defunct Maven mobility brand. It did so while making significant cuts to its business operations, including exiting Europe, Russia and other markets.

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“When you look at our core business, it is truly the foundation for the transformative opportunities that are right in front of us,” Barra told investors during a Barclays conference in November 2017. Later adding: “Make no mistake, we are here to win.”

That desire to “win” is a guiding principle along with the company’s “triple zero” vision to eliminate crashes, emissions and congestion with products developed by its innovation team, according to Fletcher.

“We always want to do more faster, but I think we’ve got a lot of a lot of great things in motion, and that are going to be game changing for people,” she said.

‘A lot of upside’

The new initiatives, coupled with GM’s plan to become an all-electric vehicle company by 2035, have led shares of the company to recent record highs.

“I like all the verticals they’re pursuing,” Morningstar analyst David Whiston told CNBC. “I don’t think they’re frivolous science projects or anything like that.”

He said many of the businesses could have “a lot of upside” that’s probably not being priced into its stock because it’s early and unclear just how big they could become.

H/O: GM's BrightDrop electric van
General Motors plans to launch a new all-electric van called the EV600 by the end of this year. The first 500 vehicles will be sold to FedEx.
GM
Morgan Stanley analyst Adam Jonas called GM a “SPACtopus” because of its new business units addressing many sectors of an influx of start-up companies going public through reverse mergers with special purpose acquisition companies, also known as SPACs.

In an investor note, Jonas called the businesses “hidden gems,” including some more traditional business operations such as Corvette, Cadillac and its financial arm.

Bank of America Global Research analyst John Murphy described the new business units, specifically BrightDrop, as proof GM “has class-leading technology internally to compete” against SPACs in a note earlier this year. He told investors that the new verticals could be “separated and monetized over time.”

GM’s stock is up more than 160% during the past year. Shares are at more than $57, up about 38% so far this year. Its market cap is about $84 billion. Barra said Wednesday the company will host a meeting this fall focused on its futuristic growth initiatives.

“We’ll use this event to go deeper into our growth strategy and financial opportunities and everything that drives them, including software, hardware, and services along with our strong brands,” Barra said.

– CNBC’s Michael Bloom contributed to this report.

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China’s greenhouse gas emissions exceed those of U.S. and developed countries combined, report says
PUBLISHED THU, MAY 6 20219:48 AM EDT
Emma Newburger
@EMMA_NEWBURGER
China’s greenhouse gas emissions in 2019 exceeded those of the U.S. and other developed nations combined, according to research published Thursday by Rhodium Group.
China is now responsible for more than 27% of total global emissions. The U.S., the world’s second highest emitter, accounts for 11% of the global total.
The findings come after a climate summit President Joe Biden hosted last month, during which Chinese President Xi Jinping reiterated a pledge to make sure the nation’s emissions peak by 2030.
A person walks past a coal fired power plant in Jiayuguan, Gansu province, China, on Thursday, April 1, 2021.
A person walks past a coal fired power plant in Jiayuguan, Gansu province, China, on Thursday, April 1, 2021.
Qilai Shen | Bloomberg | Getty Images
China’s greenhouse gas emissions in 2019 exceeded those of the U.S. and the developed world combined, according to a report published Thursday by research and consulting firm Rhodium Group.

China’s emissions more than tripled during the past three decades, the report added.


China is now responsible for more than 27% of total global emissions. The U.S., which is the world’s second highest emitter, accounts for 11% of the global total. India is responsible for 6.6% of global emissions, edging out the 27 nations in the E.U., which account for 6.4%, the report said.

The findings come after a climate summit President Joe Biden hosted last month, during which Chinese President Xi Jinping reiterated his pledge to make sure the nation’s emissions peak by 2030. He also repeated China’s commitment to reach net-zero emissions by mid-century and urged countries to work together to combat the climate crisis.

“We must be committed to multilateralism,” Xi said during brief remarks at the summit. “China looks forward to working with the international community, including the United States, to jointly advance global environmental governance.”

Xi said China would control coal-fired generation projects and limit increases in coal consumption over the next five years, with reductions taking place in the five years following that.

However, Chinese officials have also emphasized that economic growth, which is still largely dependent on coal power, remains a priority. And the nation is still increasing construction of coal-fired power plants.

For instance, the China Development Bank and the Export-Import Bank of China together funded $474 million worth of coal projects outside China in 2020 alone. And coal accounted for more than half of China’s domestic energy generation last year, according to Li Gao, director general of China’s ecology ministry’s department of climate change.

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China, which is home to over 1.4 billion people, saw its emissions surpass 14 gigatons of carbon dioxide equivalents in 2019, more than triple 1990 levels and a 25% increase over the past decade, the Rhodium report found. China’s per capita emissions in 2019 also reached 10.1 tons, nearly tripling over the past two decades.

China’s net emissions last year also increased by roughly 1.7% even while emissions from almost all other countries declined during the coronavirus pandemic, according to Rhodium estimates.

The Rhodium Group is a U.S. think tank that provides global emissions estimates and forecasts through the ClimateDeck, a partnership with Breakthrough Energy, the initiative founded by Bill Gates.

Slashing carbon emissions is one of the few areas on which the U.S. and China have agreed to cooperate.

Days before the summit, U.S. special envoy for climate John Kerry traveled to Shanghai to meet with officials on climate change, after which the two countries released a joint statement vowing to tackle the climate crisis together with “seriousness and urgency.”

Biden has vowed to to reduce U.S. emissions by 50% to 52% by 2030, more than doubling the country’s prior commitment under the 2015 Paris climate agreement.

A goal of the accord is to keep the global temperature rise well below 2 degrees Celsius, or 3.6 degrees Fahrenheit, compared with preindustrial levels. So far, the world is set to warm up by 1.5 C, or 2.7 F, over the next two decades alone.

— CNBC’s Evelyn Cheng contributed reporting

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CHG %CHG
DJIA 34404.39 174.05 0.51
S&P 500 4181.05 13.46 0.32
Nasdaq Composite 13581.35 -1.08 -0.01
Japan: Nikkei 225 29331.37 518.74 1.80
UK: FTSE 100 7076.17 36.87 0.52
Crude Oil Futures 65.24 -0.39 -0.59
Gold Futures 1814.00 29.70 1.66
Yen 109.17 -0.02 -0.02
Euro 1.2050 0.0044

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LAST CHG %CHG
DJIA 34384.39 154.05 0.45
S&P 500 4178.37 10.78 0.26
Nasdaq Composite 13546.99 -35.44 -0.26
Japan: Nikkei 225 29331.37 518.74 1.80
UK: FTSE 100 7076.17 36.87 0.52
Crude Oil Futures 64.77 -0.86 -1.31
Gold Futures 1815.20 30.90 1.73
Yen 109.06 -0.14 -0.13
Euro 1.2060

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CHG %CHG
DJIA 34546.56 316.22 0.92
S&P 500 4201.59 34.00 0.82
Nasdaq Composite 13632.84 50.42 0.37
Japan: Nikkei 225 29331.37 518.74 1.80
UK: FTSE 100 7076.17 36.87 0.52
Crude Oil Futures 64.81 -0.82 -1.25
Gold Futures 1814.70 30.40 1.70
Yen 109.05 -0.14 -0.13
Euro 1.2062 0