There are plenty of reasons to doubt major automakers such as General Motors (GM 0.87%) in the near term: economic uncertainty, rising interest rates, and a capital-intensive and fiercely competitive industry, among others.

However, investors should consider the long-term vision for General Motors because it just might be a time to scoop up shares after its 35% decline in 2022. Here's a look at two key aspects: financial growth potential and electric vehicle (EV) strategy.

Financial growth looks promising

When investors hear about companies doubling their top-line revenue, most would think of smaller, younger companies -- not the massive, historic General Motors that has seen countless automakers fold for good during its lifetime. But don't count GM out of this level of growth yet. The company plans to double its revenue to between $275 billion and $315 billion by 2030.

Part of that immense growth will be from its core auto business, which is targeting a compound annual growth rate (CAGR) of 4% to 6% through 2030. But more interesting for investors is the projected 50% CAGR in its software and new businesses over that same time period. What's more, its Cruise self-driving vehicle subsidiary aims to reach $50 billion of annual revenue by 2030.

Another new business is GM's Ultifi, its software platform focused on creating value through vehicle experiences and meeting consumers' digital needs. Ultifi will roll out into next-generation products starting next year and is expected to produce sales of $20 billion to $25 billion by 2030.

GM expects not only top-line growth from its new businesses but also margin expansion. Management anticipates margins to reach 12% to 14% by 2030, driven partly by new business margins topping 20%.

Yes, those are long-term visions with plenty of uncertainty sure to hit before 2030, so investors must have some long-term faith in management's ability to execute its new business strategies.

EV strategy is set to accelerate

EV sales in America recently hit a key threshold that signals mass adoption is approaching and poised to accelerate rapidly. That's great news for GM's long-term outlook because it's more than doubling down on its EV strategy over the next couple of years. Even now, the automaker is seeing strong early gains.

Chart showing GM's U.S. EV sales nearly doubling from Q2 to Q3 2022.

Image source: General Motors' Q3 2022 Earnings Deck. EV = electric vehicle.

Keep in mind that those results are driven by a limited EV lineup focused primarily on the Bolt EV and Bolt EUV -- but that's about to change. GM is launching its coming EVs at a slew of price points and segments.

A couple of highly anticipated examples are the 2024 Chevrolet Equinox EV, which hits the road during the third quarter of 2023 in the industry's highest-volume segment. GM is also drawing from its historic and highly profitable success with traditional full-size trucks and pouring it into an EV truck lineup that will feature not only an electric Silverado and Sierra but also a Hummer pickup and SUV.

2024 Chevrolet Equinox EV.

2024 Chevrolet Equinox EV. Image source: General Motors.

Beyond trucks, GM also has a couple of Cadillac luxury EVs coming and a number of mainstream SUVs. It will be a well-balanced approach as the automaker hopes to step up its original consumer base from entry-level options, such as the Bolt, to more profitable and larger EVs.

Perhaps just as important as a well-positioned lineup of EVs is its Ultium platform, which will enable the automaker to launch high-volume EVs while targeting a one-million-EV capacity in North America as soon as 2025.

GM's Ultium platform will be key to opening up not only high-volume growth but also efficiency improvements and increased profitability over the long haul.

The bottom line

Even in the face of economic and industry headwinds, GM proved in the third quarter that a strong product lineup and execution could drive great financial results. GM has a plan to expand its businesses, margins, and revenue -- bringing to the EV revolution a well-laid-out portfolio of products spanning strategic price points and segments.

Don't look now, but after a 35% year-to-date slide -- thanks to a tough year in the automotive industry -- it might just be time to buy GM with a vision toward 2030.