General Motor Co’s (NYSE: GM) Cadillac brand on Monday unveiled the 2024 Celestiq, the brand’s extra-large, bespoke, $300,000 entry into the ultra-luxury electric vehicle space.
The electric car is a “halo vehicle,” a “brand builder” that will elevate people’s perception of the American brand, said Rory Harvey, global vice president of Cadillac, enough for it to be in the same segment as Rolls-Royce, Bentley, and Aston Martin.
“We are going to continue to earn our way back up to the top of the luxury market and return Cadillac to the pinnacle of luxury,” Harvey told TechCrunch, “and we don’t intend to stop.”
The Celestiq’s main pull is that it’s an audacious, outrageous car. The hand-built 18-foot-long, four-door fastback comes with 600-horsepower twin electric motors and a 111-kilowatt-hour battery pack that it shares with the Hummer EV.
Its interior trim, exterior color, and other non-mechanical elements are all customizable. Those who can dole out a starting price of around $300,000 will be able to customize their Celestiq, working with designers and a Cadillac concierge, and they will have the distinction of owning one of only 500-600 Celestiqs that will be built in a year.
The company says that only two Celestiqs will be built per day in the dedicated facility at its Warren, Michigan technical center.
The hand-built EV will also only be available by request and will require “a significant deposit” to start each build. Production is slated to begin in December next year but customers can start placing orders later this year.
The Celestiq poses an opportunity for a two-unit business model for GM: one that’s dedicated to hand-built, ultra-luxury models, and the other to the company’s reliable mass-produced lineup.
GM last traded at $33.44 on the NYSE.
Information for this briefing was found via Cadillac, TechCrunch, CNBC, and the sources and companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
