America’s own luxury hero, Cadillac, is planning an electric onslaught in 2023.
Speaking with media in the USA as reported by the Detroit Free Press, the brand’s vice president confirmed a trio of all-new electric vehicles is coming this year.
Exactly what they will be isn’t clear. We already know about the Lyriq SUV and the Celestiq flagship sedan, but General Motors has previously signalled electric replacements for the XT4 and XT6 SUVs are coming. We’re also expecting a lavish Escalade EV with space for seven.
Additionally, a report last year suggested Cadillac’s CT4 and CT5 sedans will receive electric replacements.
Mr Harvey “would not disclose any details of the new EVs or even reveal what kind of vehicles they might be”, according to the Detroit Free Press, but he did confirm all of them will be revealed in 2023.
Cadillac Lyriq
Production is expected to start in 2024.
“In terms of the new EVs, I say watch this space,” he said.
“We want to give you another good update at a point in time. But if you look at the announcements we’re looking to make this year — I’m sure some of my colleagues will kick me under the table — but we’re looking at production on all of these vehicles, it should, in theory, go into production in calendar year 2024.”
Cadillac Celestiq
Before those cars are revealed and start rolling off the production line, Cadillac will need to ramp up production of the Lyriq.
Mr Harvey said after a slow ramp-up, Cadillac will shortly have successfully delivered 1000 cars within a 30-day period. Production of the hand-built Celestiq will start in December.
Although the process is slow at the moment, Cadillac’s corporate parent General Motors is moving towards profitability from its growing range of electric vehicles.
General Motors says its growing line-up of North American-built electric vehicles will be “solidly profitable” in 2025, by which point it will be building over one million EVs there annually.
That accounts for half of GM’s projected EV production volumes globally in 2025.
The company announced at its Investor Day that it projects low- to mid-single-digit EBIT-adjusted (earnings before interest and tax) margins on its EV portfolio in 2025, before taking into account any clean energy tax credits.
Revenue from EVs in 2025 is expected to be more than US$50 billion (A$75.1bn) by that year, and it expects total company revenue to grow at a 12 per cent compound annual rate through 2025 and reach US$225 billion (A$338bn).
