During the online reveal of the recently introduced Optiq-V, Cadillac mentioned that it currently has one of the highest electric vehicle (EV) conquesting rates in the industry. What this essentially means is that its EVs are attracting buyers from other brands, and, by extension, stealing sales from other automakers.
Now, it’s important to underline that Cadillac has gone from having no EVs to a full lineup of fresh models. So such a claim isn’t all that hard to accomplish. Models like the Lyriq, Celestiq, Escalade IQ, Optiq, and Vistiq are all part of a full deployment of new electric vehicles, spanning from different segments and price points. But those models are also attracting new blood to the brand, which got me curious. Who is Cadillac stealing sales from?
64-Percent Of Cadillac Buyers Are New To The Brand
Aliyah Menezes, who’s in charge of product relations and communications for the Cadillac brand in Canada, preferred not to elaborate on which carmakers Cadillac is robbing customers from. But she did emphasize the fact that 64-percent of Cadillac buyers are new to the brand. Right now, the main driver for Cadillac’s EV sales remains the Lyriq, which is conquesting at an impressive rate of 76-percent in the U.S. and 70-percent in Canada.
One of the reasons for this is that Cadillac doesn’t currently face many rivals in the premium-to-luxury EV space. While all three German luxury brands, Audi, BMW, and Mercedes-Benz, have entered the EV game, none of them currently sells an entry-level model capable of taking on the Optiq in terms of its available range and packaging for the price. The upcoming Optiq-V will further enhance the Optiq’s positioning in that segment.
- Cadillac is in an advantageous position in the EV space, with few rivals in certain segments.
- The entry-level Optiq remains the most aggressive model in its respective segment in terms of pricing and packaging.
- The Vistiq three-row SUV should attract a new kind of customer to Cadillac’s electric line of models.
And, it’s the same story for the Vistiq. Except for perhaps the Hyundai Ioniq 9 Calligraphy, which remains its only noteworthy rival, the three-row electric SUV segment is still young and not as populated as its internal combustion engine (ICE) counterpart. The Vistiq is in a good position to attract anyone shopping for something premium in that space.
Cadillac’s EV Sales Are On The Rise, GM Says
GM’s recent onslaught of EVs has had a profound effect on its sales. We recently reported that, although EV demand has dropped in recent months, GM is currently outselling Tesla in Canada, with Q1 EV sales up 94-percent in the U.S.
Aliyah Menezes made sure to highlight that Cadillac’s EV success story north of the border is worth mentioning, with an impressive 401-percent year-over-year growth. Considering how rapidly Cadillac has deployed its new models, such a number must be taken with a grain of salt. But Q1 sales were up 63.5-percent, which represents the best quarter ever for Cadillac Canada. Someone, somewhere, is losing sales to GM’s luxury brand.
I’m still curious as to who is trading their EVs for a Cadillac, or cross-shopping for a Lyriq, an Optiq, or a Vistiq. It could be Tesla, given that automaker’s recent debacle. Or maybe even Audi due to the rather underwhelming Q4 e-tron. And with Cadillac’s V-Series line of performance models now also embracing electrification, we could soon be seeing BMW M, Mercedes-AMG, and Audi RS customers entering Cadillac dealers soon. I never thought I’d one day write this in a sentence, but here we are.
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