Mary T. Barra
Chair and Chief Executive Officer at General Motors
Thanks, Rocky, and hello, everyone. It's great to have an opportunity to talk with you all again today. Before Paul and I discuss our third quarter results, I want to thank all of you who participated in-person or remotely in our recent Investor Day. Our team really appreciated the opportunity to deep dive our growth strategy and to hear your perspectives.
After spending time with our leaders and subject matter experts, I hope it's clear to you that we have assembled the right technology to have the right platforms and we have the right talent to achieve our long-term goals, including doubling our annual revenue and expanding our margins. Our confidence comes from the fact that we are already making significant progress in transforming GM from a traditional automaker to really a platform innovator.
You can see it in the conversion of the Orion Assembly and Factory ZERO plants as they have gone from building gas-powered cars to EVs, the construction of our Ultium Cells JV plants, the rapid expansion of Super Cruise, the development of Level 2+ autonomy with Ultra Cruise, the lead Cruise has a Level 4 autonomous driving and our portfolio of 20 start-up businesses. You can also experience it in the software and services that will enhance our customers' lives and drive growth. And you can see it in our talent and expertise. This includes the new digital business team that we formed to establish digital market leadership for GM and our expanded board of directors who have deep experience in IT, e-commerce, software development, venture capital, cybersecurity and more.
As one of you observe, the real magic happens in our vehicles at the intersection of the Ultium and Ultifi platforms. Ultium enables us to efficiently deliver the industry's broadest portfolio of EVs, including a diverse portfolio of truck entries. And the beauty of Ultifi is the way it will allow us to deploy new software and services rapidly and securely across our entire fleet. This includes Super Cruise upgrades and services we'll create in the future. And seeing is believing. I have to tell you, I will never forget the overwhelmingly positive reaction that people had after they experienced Super Cruise or had an opportunity to ride in the GMC Hummer EV and experienced Watts to Freedom for the very first time.
The same can be said for the Cadillac LYRIQ that we'll begin delivering to customers next spring. They were spoken for in just about 10 minutes after we opened the reservation side. So I think that starts to show the strong demand that we will see for the LYRIQ. Our next EV reveal will be the Chevrolet Silverado EV, and I can tell you the truck is amazing. Our dealers love it. And so you won't want to miss it when we take the cover off at CES in early January. It will evoke passion and enthusiasm through great design and engineering. And we believe it will drive mass adoption of electric vehicles, specifically trucks. And I promise you that the capabilities of Ultium and Ultifi will be just as evident in mass market vehicles like the $30,000 Chevrolet EV crossover, which we showed. And as Mark shared, we're also working on another EV that's even more affordable than that.
So to be clear, we will also continue to improve the successful ICE vehicles that are funding our future. And we'll do that while improving them to reduce emissions and also offer new technologies. Our plan provides resources to leadership in key segments like trucks and SUVs during and after the transition to electric vehicles. And although it's only been about three weeks since Investor Day, the strategies and initiatives we talked about have advanced even further.
Let's talk first about our work to build a strong and secure battery supply chain in North America. We've established and announced four major supply chain initiatives recently. And we expect to add more soon to support our growth, our performance and our cost reduction plans. And our goal is to eliminate supply chain risks and control our own destiny as we rapidly scale our EV volume. A common thread that runs through these in our recent announcement is a clear commitment to U.S. leadership in EVs. For example, we will add two more battery plants in the U.S. by mid-decade.
We also have plans to build EV motors and another EV truck facility here in the U.S. We look forward to sharing the details very soon, but keep in mind, this is just the beginning. As Gerald said at Investor Day, we forecast that North American EV assembly capacity will reach 20% by 2025 and climb to 50% by 2030. We're also bringing Ultium to China, starting with the LYRIQ, which is launching in early 2022. And GM China also recently announced it's doubling the size of its advanced design center to support EV development.
Cruise is the second opportunity that I want to highlight. As you know, we have always gated the progress of Cruise by safety. As we speak, Cruise is just one state level approval away from full regulatory approval to charge customers for rides in San Francisco, and it is still the only company with the permit to provide full driverless ride to help service in the city. As Cruise CEO, Dan Ammann said, complementary skills of GM and Cruise have brought it to the cusp of commercialization. This includes the launch of the Cruise Origin that will be produced at Factory ZERO, and we have already built dozens of engineering development vehicles, like the ones you saw during Investor Day. All of this is why joining Cruise is so high among experts in artificial intelligence, machine learning and robotics and why Cruise is hosting another series of virtual recruiting events called Under The Hood on November 4. If you'd like to participate, please contact GM Investor Relations.
Now let's turn to earnings. As we have shared before, we are taking advantage of GM's strong cash flow to fund our investments in growth. Our third quarter results, which while reflecting the near-term challenges of the global semiconductor supply chain issues, clearly shows the strength of our underlying business. We reported EBIT-adjusted of $2.9 billion, which includes another strong performance by GM Financial and our joint ventures in China as well as a recall cost settlement with LG. LG has been and continues to be a very valued and respected partner, and we are working closely with them to deliver replacement battery modules for our customers. In fact, we began scheduling and completing repairs this month. While the semiconductor situation improves, I believe our full year performance will be strong from an earnings perspective and far ahead of where we expect it to be at the beginning of the year. And most importantly, as we manage this dynamic environment, our clear focus is on transforming GM.
Now I'm going to turn the call over to Paul who will share more about the quarter and our outlook.