SAN FRANCISCO (Reuters) – General Motors’ Cadillac plans to launch a compact electric sport utility vehicle as more batteries become available and demand for luxury EVs remains strong despite a slowdown in other types of EVs. The company is ramping up production of its Lyriq car, a senior executive said. Thursday.
Lyriq production is well below initial targets, hampered primarily by battery module assembly issues that have affected GM’s EV plans.
However, according to a media briefing by global vice president John Ross, Cadillac delivered 9,000 Lyriqs in 2023. The luxury brand shipped less than 2,400 units in the first half of the year.
“As battery modules became available, there was a careful build-up and launch. We currently have a strong inventory and are experiencing excellent sales performance,” Ross said, adding that “we have a significant He added that he has high expectations. Continuing.
He said Lyric now accounts for a quarter of Cadillac’s total sales, up from just about 12% in the fourth quarter of last year.
“I think the luxury car industry operates at a slightly different level than the major markets around EVs.” “60% of the consumer base says the next luxury car will be a car I know.” EV. ”
High borrowing costs are hurting consumer confidence, with several companies warning of a slowdown in EV demand. Many companies, including market leader Tesla, have slashed prices to attract potential customers.
Lyric was one of a number of EVs to lose U.S. government tax credits this month due to the introduction of new procurement guidelines. GM is offering a $7,500 incentive to offset the loss and says Lyric will regain his eligibility early this year.
Cadillac is strengthening its EV lineup and aims to offer a portfolio of all-electric vehicles by 2030.
(Reporting by Abhirup Roy in San Francisco; Editing by David Gregorio)