Caddy’s foray into the all-electric market via the Cadillac Lyriq crossover is yielding some interesting results, especially when it comes to enticing former Tesla owners.
According to a recent report from CNBC, the Cadillac Lyriq’s conquest rate involving Tesla vehicle owners has climbed to an impressive 25 percent, a big jump from a rate of 10 to 15 percent recorded previously. In fact, Cadillac is now enjoying healthy Tesla conquests across its EV portfolio, with 10 percent of new Cadillac EV buyers opting to trade in their Tesla.
The Lyriq launched for the 2023 model year as Caddy’s first all-electric production vehicle, and now serves as an integral part of the brand’s expanding EV lineup. GM recorded 28,404 units sold for Lyriq in the U.S. market during the 2024 calendar year, up from 9,154 units sold in 2023.
Currently, Caddy’s EV includes the Optiq, Lyriq, Vistiq, Escalade IQ, and the ultra-luxury Celestiq. There’s also a few specialized model variants, such as the performance-oriented Lyriq-V and the extended-length Escalade IQL.
Cadillac’s electric strategy is clearly resonating with new buyers, with nearly 80 percent of customers purchasing a Cadillac EV new to the brand.
“We’re really poised for success,” said Cadillac’s global marketing director, Brad Franz. “We’re going to take this portfolio, now that Vistiq is rounding out the SUV portfolio, and become the No. 1, tier-one EV luxury brand.”
To accelerate this momentum, Cadillac is currently offering $2,000 in conquest cash incentives for eligible buyers, adding fuel to proverbial conquest fire.
In addition, for those customers craving a boost in performance wrapped in an all-electric package, Cadillac unveiled the 2026 Lyriq-V last year, offering up a dual-motor, all-wheel-drive variant delivering 615 horsepower and 650 pound-feet of torque via a 102 kWh battery pack, capable of running from 0 to 60 mph in just 3.3 seconds.
As a reminder, all Cadillac Lyriq variants ride on the GM BEV3 platform, while production takes place at the GM Spring Hill plant in Tennessee.
Comments
It’s unfortunate that Cadillac is leaving traditional customers in the dust. I’ve had 20 new Cadillacs since 1980, and I don’t want an Electric car, so what do I do when the leases are up on my 2023 CT5 and my 2024 XT6. Looks like I’ll have to switch brands.
You can get a CT4, CT5, or Escalade ICE vehicles
I switched from a XT5 to a Lyriq. The Lyriq is an incredibly better car. Very fun to drive, safer, costs significantly less to operate and maintain. Outstanding comfort and ride. Quiet. Super Cruise is a must have. I’ve gone 33,000 miles in 17 months and could not be more pleased.