Despite a fluctuating regulatory environment and uncertain consumer demand, GM continues to pursue its goal of fully electrifying the entirety of its light-duty vehicle by 2035. Naturally, a goal as ambitious as that will necessitate bringing in new customers from other brands, otherwise known as “conquest” sales. Notably, the Cadillac Lyriq crossover recorded a sharp uptick in conquest rate during the 2024 calendar year.
According to the latest figures, the conquest rate for the Cadillac Lyriq was recorded at 76 percent for the entirety of the 2024 calendar year. In addition, more than 50 percent of that business was new to General Motors.
Seventy-six percent is a considerable increase compared to conquest rates recorded for the Lyriq previously. Back in 2023, GM Authority reported that the Lyriq recorded a 40-percent conquest rate as of September 2023, later rising to 70 percent in the first quarter of 2024. The Q1 figures also indicated that 50 percent of Lyriq buyers were new to GM as a whole.
Of course, part of this is down to incentives and low interest rates. In December of 2024, GM Authority reported that GM was offering low-interest financing on the 2024 Cadillac Lyriq and 2025 Cadillac Lyriq as part of the Cadillac Season’s Best Sales Event. Offers include $750 off a GM Energy PowerShift Charger with the purchase of lease of a new 2024-model-year vehicle, as well as $3,000 in conquest cash toward a Lyriq lease or purchase for owners and lessees of a rival automaker vehicle.
Notably, newly purchased units of the 2024 Cadillac Lyriq qualify for the $7,500 U.S. EV tax credit, while GM also offers an Ultium Promise cash rebate of $7,500 for any examples previously built that did not offer the EV tax credit. Check out our previous coverage for more Cadillac Lyriq deals and incentives.
Looking ahead, it’s unclear how the incoming president-elect Trump and his administration may affect the federal EV incentive, but early reports indicate that it may be deleted.
Comments
What are the brands trading to Cadillac? Low-end entry brands like Ford, Kia, Hyundai, Lincoln-trim Fords, Chevy, Toyota or high-end full level luxury vehicles such as MB, BMW, Audi to name a few. A lot of Lincoln owners must have switched because the current Lincoln line-up has nothing that we want.
Trump is an idiot! He has to keep his promise to oil magnates that donated hundreds of millions to his reelection, so he had to cut incentives for electric vehicles. He is already broke due to the 400+ million dollar demand he lost. So he has to get money back for himself and his billionaire pals!