24/7 Insights
- Sales of Cadillac’s Lyriq EV SUV surged in the first half of this year.
- General Motors Co. (NYSE: GM) has a chance to pick up EV market share from its rivals.
General Motors Co. (NYSE: GM) has staked much of its electric vehicle (EV) success on Cadillac’s EV flagship, the Lyriq. Its sales surged 465% in the first half to 13,094, compared to lackluster sales for the Cadillac brand, which fell 1.7% to 73,906. The Lyriq is close to 20% of Cadillac’s sales.
The Lyriq is Cadillac’s effort to take a huge market share in the high-end SUV and crossover EV segment. Its price starts at $60,000. Fully featured, it quickly rises to over $80,000. That puts it against the Tesla Model X, priced between $63,000 and $86,000.
The Lyriq has proven a favorite of the auto press. Car and Driver picked it as the top luxury SUV. The Edmunds review was also stellar: “This midsize SUV is the first fully electric car from Cadillac, and it dazzles with a high-tech interior and exterior design, alongside practical attributes like a long-range battery pack and General Motors’ hands-free Super Cruise system.”
Another critical part of Lyriq’s success is that Mercedes, BMW, Audi, and Lexus have dominated the Cadillac brand for decades. Lyriq is GM’s chance to pick up market share against its much larger rivals.
GM bragged, perhaps fairly, that it had 38,355 first-half EV deliveries, including 21,930 in the second quarter—both GM records. The Lyriq performance shows that Cadillac’s high-end EV plans are working.
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