- General Motors Co (NYSE:GM) sees its in-car subscription services to generate $2 billion in revenue in 2021 and will reach $25 billion by the end of the decade.
- The feat will help the automaker reach the scales of Netflix Inc (NASDAQ: NFLX), Peloton Interactive Inc (NASDAQ: PTON), and Spotify Technology SA (NYSE: SPOT) TechCrunch reports.
- GM has 16 million vehicles on the road in the U.S. and Canada, and around 4.2 million out of them avail themselves of subscription services.
- GM sees the numbers growing, mainly as it aims to launch its Ultifi end-to-end software platform in 2023.
- GM’s current subscription platform supports services like OnStar, a subsidiary that provides in-vehicle security, emergency services, and navigation. GM admitted high customers’ average willingness to select multiple services.
- GM sees 30 million of its vehicles in the U.S. possessing connected car technology by 2030, reaching a serviceable addressable market of $80 billion.
- GM aims to generate additional incremental revenue of $20 billion – $25 billion, including $6 billion from insurance and the rest from one-time purchases and subscriptions.
- Related Content: Street May Not Expect GM To Be Able To Compete With Tesla In EV World But Wedbush Says Target To Double Revenue By 2030 ‘Achievable And Beatable’
- Price Action: GM shares traded higher by 1.72% at $54.86 in the premarket session on the last check Thursday.
- Photo by Kevauto via Wikimedia
Morgan Stanley Maintains Overweight on Veeva Systems, Raises Price Target to $350
Morgan Stanley analyst Stan Zlotsky maintains Veeva Systems (NYSE:VEEV) with a Overweight and raises the price target from $340 to $350.
