Tesla, the Austin, Texas-based carmaker that surpassed 2021’s No. 1 luxury seller BMW to take the top spot in 2022, is the market leader for luxury vehicles in the US. Tesla also leads the electric vehicle sector in terms of overall production and deliveries.
According to Statista, Tesla was the top luxury seller in 2022, followed by BMW and Mercedes-Benz. Tesla sold 484,351 luxury vehicles, compared to 327,930 sold by BMW and 269,510 by Mercedes.
GM said in May that Cadillac will introduce an electric version of the renowned full-size Cadillac Escalade SUV later this year. According to the firm, the new Cadillac Escalade IQ “promises the same commitment to craftsmanship, technology and performance that has helped the Escalade nameplate dominate the large luxury SUV segment for the last 20 years,” in a statement.
In an effort to compete with Tesla, BYD, NIO, and other luxury electric car manufacturers in China, GM’s Cadillac division just reduced the price of the Cadillac Lyriq EV by 14%, dropping it from a starting price of roughly $60,730 to $52,443, according to Electrek. Cadillac started selling the Lyriq sports utility vehicle, its first all-electric model, in China in June 2022 at a starting price of $67,200. However, as Tesla started lowering pricing, Cadillac was compelled to follow suit.
GM has submitted paperwork with China’s Ministry of Industry and Information Technology to sell a new all-electric SUV in China that will be smaller than the Lyriq and be branded as the Cadillac Optiq, demonstrating the company’s will to take on Tesla head-on. Although GM has not yet disclosed the price, the car will also be less expensive than the Lyriq.
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