Cadillac had a larger number of customers consider one of their vehicles than rival luxury brand Lexus in the first quarter of 2022.
Kelley Blue Book and sister company Cox Automotive recently published the results of their Brand Watch Study – an annual survey that quizzes both mobile and desktop users on their perception of certain automotive brands and which makes and models they’ve seriously considered buying in recent months. Cadillac was ranked second among premium brands in the study, with 18 percent of luxury vehicle shoppers considering one of the American brand’s products, while Lexus was bumped to third at 17 percent. BMW was first overall at 21 percent.
KBB and Cox Automotive described Cadillac’s performance in this study as a “big surprise.” The luxury brand rose five percentage points from Q4 2021, making it the biggest mover in the first three months of the year. Rather predictably, this newfound demand was driven by the hugely popular Cadillac Escalade, which had a 171 percent rise in shopping in Q1 and was the most shopped-for luxury vehicle period. Cadillac also saw strong interest in the CT5 sedan and XT5 crossover during the last quarter and benefitted from a slight uptick in awareness with the debut of the 2023 Cadillac Lyriq.
Cadillac beat out other key rivals in this study, including Tesla, which fell three percentage points from Q4 to 15 percent. The GM-owned luxury brand will transition to a 100 percent battery-electric vehicle portfolio by 2030, with its first EV, the Lyriq, set to hit the market this year. Other rivals that lagged behind Cadillac include Mercedes-Benz, Audi, Acura and Alfa Romeo.
While Cadillac had strong consumer interest in Q1, its sales fell 24.3 percent year-over-year to 28,216 units. Total GM sales across all four of its brands also decreased, falling 20 percent to 512,846 units. This result is partially due to the semiconductor chip shortage, which has led to lower new vehicle inventory levels and sales figures, but higher average transaction prices.