Demand for luxury electric vehicles (EVs) appears to be waning overseas, but that isn’t stopping Cadillac from continuing its push to relaunch its first electric vehicle in Australia.
Expected to arrive before the end of 2024, Lyrics is the only Cadillac model confirmed to launch locally and is being compared to electric SUVs priced around $130,000 like BMW iX, Audi Q8 e-tronAnd Mercedes-Benz EQE SUV.
These EVs aren’t the best sellers in Australia, with just 853 units sold in total in the first half of 2024. Audi recently announced is planning to end production of the Q8 e-tron early.directly referring to “a global decline in customer orders in the luxury electric vehicle segment.”
However, this did not worry Cadillac as General Motors Australia and New Zealand managing director Jess Bala told Australian media that the Lyriq was not intended to be sold in large numbers.
“You’re right in saying this is a high-end luxury car, but that’s exactly what it’s for,” said Ms. Bala.
“From our perspective, it is still intended to be a niche entry. We are not going after mainstream volume.
“We’re going after the higher-end luxury segment, where we think we can really deliver not only a beautiful car that fits the brand and delivers on the brand promise, but also deliver the customer experience that goes with that.”
Since going on sale in the United States in mid-2022, Cadillac has sold nearly 13,100 Lyriqs, according to GM Agency.
However, about 1.4 million electric vehicles were sold in the United States through 2023, with the 9,154 Lyriqs delivered last year accounting for just 0.65% of the overall market.
To put that into perspective, if the Cadillac Lyriq can achieve this share of the Australian electric vehicle market, it will be on par with Ford Mustang Mach-E in the sales race and surpassed the BMW iX model mentioned above.
The Australian electric vehicle market is dominated by brands headquartered or manufactured in China, leading to lower battery-powered vehicle prices and increased competition.
While Cadillac doesn’t face these challenges in its home market, where limited sales of Chinese electric vehicles are currently subject to 100% tariffs, Ms Bala said the brand has an opportunity to differentiate itself from its rivals in Australia.
“I really think what’s happening in the market right now and the reach that customers have means we have an opportunity to do something different and that’s what we’re really going to do and make sure that everything from start to finish is customer-centric,” said Ms Bala.
“And above all, I truly believe that when people come and see Lyriq for themselves, they will be amazed.
“I think as we get this product out to the public more, it will definitely sell itself a lot and that will allow us to differentiate ourselves from all the other options that customers have out there.”
More details on pricing and specifications for the Cadillac Lyriq will be announced ahead of its Australian launch later this year.
The brand is also set to announce which models will join its local lineup throughout 2025, with deliveries likely to begin before 2026.
Both are expected. optics And Vistiq is on Cadillac’s wish list in Australia, although no product has been finalized yet.
THAN: When will we know more about Cadillac’s expanded Australian product line?
