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General Motors Announces New Electric Cadillac VISTIQ

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General Motors (GM) has recently revealed the latest addition to its all-electric lineup, the Cadillac VISTIQ sport-utility vehicle (SUV). Positioned between the LYRIQ and the electric Escalade IQ in terms of size, the VISTIQ will mark Cadillac’s fourth all-electric model.

Cadillac has been steadily expanding its electric vehicle (EV) offerings. The smallest EV in Cadillac’s lineup is the OPTIQ, which was unveiled in November. Set to hit the roads in 2025, it will be followed by the currently available LYRIQ. The VISTIQ is expected to be released by 2026, while the electric Escalade IQ is slated for a late 2024 launch.

In midday trading on Thursday, GM stock experienced a surge of 4.3% to $35.58 per share. Meanwhile, both the S&P 500 and Nasdaq Composite also saw marginal gains of 0.2%.

John Roth, the vice president of Global Cadillac, expressed his excitement about the new addition, stating, “VISTIQ adds another compelling EV to the Cadillac lineup, reinforcing our commitment to an electric future.” With this latest offering, Cadillac now boasts an EV offering in various luxury segments.

Although pricing and detailed specifications for the VISTIQ have not been made available yet, these details are expected to be finalized approximately one year before its launch. Customers will likely have the opportunity to place their orders about six months prior to the start of production. This new model intends to further reaffirm Cadillac’s commitment to delivering innovative and stylish electric vehicles.

The Growing Popularity of Luxury Electric Vehicles

Luxury electric vehicles (EVs) have seen a surge in popularity among investors and consumers in the United States. In the third quarter, approximately 25% of all luxury car sales in the country were battery electric, compared to just 3% of nonluxury vehicles.

One contributing factor to this trend is the competitive pricing of electric vehicles. According to automotive data provider Kelly Blue Book, the average EV in November cost around $52,000, while the average luxury car was priced at $63,000. In contrast, nonluxury cars had an average price of $44,000.

Despite negative headlines surrounding the auto industry, including price cuts, weak guidance from EV parts suppliers, and delayed EV spending from Ford Motor and GM, the market for EVs continues to expand. This year, annual EV sales surpassed one million units for the first time, representing a year-over-year increase of approximately 50%.

However, in order to sustain this growth, car manufacturers must focus on offering more affordable EV options. General Motors (GM) is set to unveil the Chevy Equinox in 2024, with an expected starting price of around $35,000. Additionally, Chevy already offers the Bolt model, which was introduced in 2016 and has a starting price below $30,000.

The demand for luxury EVs is on the rise, but by making them more accessible to a wider consumer base, car makers can further accelerate the adoption of electric vehicles in the United States.

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