General Motors (GM) hopes its fastest ever Cadillac will help it become the top-selling luxury electric vehicle maker in the U.S. this year, even as President Donald Trump weighs in to disrupt the sector.
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The company yesterday unveiled an $80,000 performance version of the Cadillac Lyriq as it seeks to beat bestselling marques such as Audi and Mercedes-Benz, but not Tesla (TSLA), apparently.
“The sky’s the limit on what we’re going to be able to do in the luxury EV space,” Cadillac Vice President John Roth said at a media briefing, according to CNBC.
The 606bhp all-electric Lyriq-V is Cadillac’s fastest ever model. It boasts an unverified range of 285 miles and features a 102kWh battery that powers a motor on each axle to deliver 0-60mph in 3.3 seconds.
TSLA Not Included
Following the comments from Roth, CNBC said the company clarified that it does not include Tesla in the “luxury” space.
Among the broader EV space, Tesla lost its crown as the bestselling carmaker worldwide last year, falling about 4,500 units behind China’s BYD (BYDDF).
GM Bets Big on EV Market
The launch of the Cadillac Lyriq-V comes as GM focuses in on the EV market even after President Trump scrapped Biden’s 2030 50% EV sales target, a 2021 policy backed by GM and Ford (F) among others.
Last week, GM said it had struck a multibillion-dollar deal with Norway’s Vianode to deliver a material essential for EV batteries.
Vianode will supply synthetic anode graphite, which is used in next-generation EV batteries produced by Ultium Cells, GM’s battery joint venture with LG Energy Solution. The deal will run from 2027, after the Norwegian company builds production facilities in North America, until 2033.
“This project will help advance our battery technology and drive greater value to our customers,” said Jeff Morrison, GM’s Senior Vice President of Global Purchasing and Supply Chain.
Is GM a Good Stock to Buy?
Overall, Wall Street has a Moderate Buy consensus rating on GM, with eight Buys, five Holds and two Sells. The average GM price target of $58.60 implies about 8% upside potential. The stock has risen almost 58% in the last year.
