BrightDrop is targeting $1 billion in revenue by 2023 with mass production of electric delivery vans set to begin this December.
BrightDrop CEO Travis Katz said General Motors’ EV unit will achieve $1 billion in revenue by 2023.
Travis Katz had this to say at General Motors investor day on Thursday. The company did not release earnings data for 2021, the year it was launched, or this year.
“What we are seeing is an incredible amount of demand,” Katz told CNBC. “This isn’t just about saving the environment or saving the planet. This saves companies money. That’s part of why we’re seeing so much interest even in the middle of a lot of economic uncertainty.”
BrightDrop currently has 25,000 electric delivery van orders from major fleet carriers, including Walmart, FedEx, and Verizon.
FedEx and Kroger are also testing the use of the Trace E-cart BrightDrop, which can be used for parcel or grocery deliveries.
BrightDrop hopes much of the $30,000 tax credit for commercial EVs in the Reduced Inflation Act will entice buyers to purchase their electric vehicles.
Previously, GM CEO Mary Barra said electric vehicles would be profitable by 2025, years sooner than forecast.
Katz said BrightDrop will continue to operate as part of GM, despite being based in Silicon Valley, and there are no plans to spin off the EV maker into a separate company.
