Even as General Motors (NYSE:GM) continues to expand its electric vehicle offerings in the U.S., one of the company's existing models continues to buoy its sales despite its high price point – the Cadillac Lyriq.
What Happened: In the first nine months of 2024 through the end of September, Cadillac sold 20,318 units of the Lyriq SUV, marking a growth of 281% from the corresponding period last year, and cementing its position as GM's best-selling EV in the period.
In the third quarter alone, the Lyriq was the third best-selling EV from GM, after the Blazer EV and Equinox EV from Chevrolet. In the quarter prior to that, it was the best-selling EV from GM.
As of the end of the third quarter, GM had 8 EV models in its lineup, exceeding major U.S. EV players including EV giant Tesla. However, Lyriq was the only electric vehicle offered by its luxury brand Cadillac. The 2025 Cadillac Optiq and 2025 Cadillac Escalade IQ are expected to go on sale by year-end.
Lyriq has a starting price of around $60,000, making it a more expensive electric SUV choice as compared to Tesla's Model Y or Ford's Mustang Mach-E SUV.
Why It Matters: In the third quarter, GM became the second best-seller of EVs in the U.S. after Tesla after selling over 32,000 EVs.
Barra in October noted that the EV considering is "much stronger among luxury customers than the mainstream market."
"These customers want beautiful designs, advanced technology, performance, and range, everything Cadillac delivers with the LYRIQ, OPTIQ, VISTIQ, and the Escalade IQ," Barra then said, implying the company is going to put additional focus on EVs from the luxury brand.
The upcoming all-electric 2025 Cadillac Optiq is expected to start around $53,000 and the Escalade IQ from around $128,000.
GM's focus on premium electric vehicles comes at a time when others in the market such as Tesla and Ford are looking to launch cheaper electric models in a bid to expand market share.
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Photo courtesy: GM
