General Motors said on Wednesday that it is expecting its annual revenue to double to $280 billion by 2030 as the company transitions to all-electric vehicles amid a semiconductor chip shortage plaguing the auto industry.

The automaker announced its revenue target with larger projected profit margins of 12% to 14%. The revenue goal is based on a rolling average of $140 billion for GM in recent years, according to a company spokesman. The automaker’s revenue was almost $122.5 billion, falling 10.8% last year compared to 2019, thanks to shutdowns and the pandemic. The company’s operating profit margin was 7.9%.

CEO and Chair Mary Barra says she has “great confidence in our ability to grow our revenues.” Barra expects much of the growth to come from GM’s new service-based business, with “moderate growth” from its traditional value and operations.

GM plans to scale back its electric vehicle manufacturing with more than 50% of its manufacturing plants in North America and China capable of producing electric vehicles. The company is in the process of investing $35 billion in electric vehicles through 2025.

GM’s outlook appears to be relatively optimistic despite a shortage in semiconductor chips closing plants, reducing production lines and delaying deliveries. In some instances, vehicles were built without chips, while in other cases orders were no longer being taken for the model year.

Earlier this year, GM announced it would reduce its operating costs by as much as $1.5 billion to $2 billion. GM has been forced to shut down a number of plants across the country in places like Flat Rock, Michigan, and Kansas City. Auto executives speculate the chip shortages will go on for several years.

“Right now, every single end market for semiconductors is up simultaneously; I’ve been in this industry 27 years, I’ve never seen that happen,” said Matt Murphy, CEO of semiconductor company Marvell Technology Inc.

“If it stays business as usual, and everything’s up and to the right, this is going to be a very painful period, including in 2022 for the duration of the year.”

AMD CEO Lisa Su expects the first half of 2022 to be “likely tight” and the second half to be less severe as more manufacturing opens.

GM announced on Friday that the chip shortage caused third-quarter vehicle sales to fall 30% year-to-year. Overall, auto sales in the U.S. are expected to drop 13% in the third quarter due to the shortage.

“The semiconductor supply disruptions that impacted our third-quarter wholesale and customer deliveries are improving," Steve Carlisle, GM president of North America, said in a statement.

Carlisle said that vehicles will be released to dealers as production restarts at key plants and that the company looks forward to a more stable operating environment in the fall.

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