Summary
- Cadillac LYRIQ had the highest share of electric sales among major automakers in the second and third quarters
- LYRIQ sales saw a significant 139% increase from Q3 2023 to Q3 2024, becoming the second best-selling Cadillac model
- Cadillac will be launching two new EV models in the fourth quarter – the OPTIQ and the Escalade IQ
- By 2025, Cadillac aims to have an all-electric model in every global luxury SUV segment, potentially reaching 50% BEV sales
- Buick, under the GM umbrella, currently does not sell any EVs in the USA, but the success at Cadillac may inspire progress in that area
Article
Cadillac’s electric vehicle, the LYRIQ, has seen a remarkable increase in sales in the past year. In the third quarter of 2023, the LYRIQ had 3,018 sales, which skyrocketed to 7,224 sales in the third quarter of 2024, marking a 139% increase in sales. This surge in sales has positioned the LYRIQ as the second best-selling Cadillac model, just behind the Escalade. Without the LYRIQ’s sales increase, Cadillac’s overall sales would have been down by about 2,600 units, but instead, they were up by about 1,600 units, or 4.4%.
Cadillac is set to launch two new EV models in the fourth quarter, the OPTIQ and the Escalade IQ. These launches will expand Cadillac’s EV lineup to include 9 models, with one third of them being full EVs. The success of the LYRIQ has demonstrated the potential for growth in Cadillac’s electric vehicle sales, and there is optimism that the brand could reach 50% EV sales by the end of 2025. The positive response to the LYRIQ may also inspire progress at other GM brands, such as Buick, which currently does not offer any EVs in the USA.
In its third-quarter sales report, Cadillac highlighted the LYRIQ as the first full-line luxury brand to reach more than 20,000 sales year-to-date. The LYRIQ outsold all EVs from competing luxury brands BMW, Mercedes, Audi, and Lexus, despite these brands offering multiple BEV models. With the upcoming launch of the OPTIQ and Escalade IQ, Cadillac aims to maintain its momentum in the EV market. The brand’s commitment to expanding its electric vehicle offerings signals a shift towards sustainable mobility and aligns with the broader industry trend towards electrification.
Alongside Cadillac, GMC’s Hummer EV has also seen significant success, with 4,350 deliveries in September, representing a 269% increase over the third quarter of 2021. This positive reception of electric vehicles within GM’s brands illustrates a growing consumer interest in sustainable transportation options. As more EV models are introduced and sales continue to rise, it is evident that the transition to electric mobility is gaining momentum across the automotive industry. With plans to introduce additional EV models in the coming years, Cadillac is positioning itself as a leading player in the luxury EV market.
The shift towards electric mobility is not limited to Cadillac and GMC, as other major automakers are also ramping up their EV efforts. The success of the LYRIQ and Hummer EV reflects a broader industry trend towards electrification and sustainable transportation solutions. As consumer demand for EVs continues to grow, automakers are adapting their strategies to meet this shift in the market. By expanding their electric vehicle offerings and achieving significant sales increases, Cadillac and GMC are positioning themselves as key players in the future of automotive technology.
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