GM to Overhaul Cadillac With New All-Electric Lyriq SUV at a $60K Price Tag

General Motors has put its electrified assembly line into overdrive, and will begin producing its highly-anticipated Cadillac Lyriq SUV nearly one year ahead of schedule.

The Lyriq is expected to make its showroom debut as early as 2022, touting a price tag of just below $60,000, with nearly all options included. This is one of GM’s first major step towards its ambitious goal of being all-electric by 2030, aside from its upcoming Hummer EV launch. GM has been rapidly pushing to take a leadership position in EV development, with several major announcements over the past several months, including a battery plant in Tennessee, a Chevrolet electric pickup truck, as well as a stake in a battery tech startup.

The new all-electric Lyriq will be powered by GM’s new Ultium battery system— the same battery that will be providing a whooping 1,000 horsepower to the Hummer EV. The battery pack will give the Lyriq an estimated 340 horsepower, 325 ft lb of torque, and a range of more than 300 miles. In addition, Cadillac revealed that the EV crossover will be able to support a significantly faster charging system— dropping up to 76 miles of range within 10 minutes.

The new technology allows Cadillac a chance to gain more market share and remake itself as one of America’s main luxury vehicles. However, competition in the EV space is ramping up. “Everyone is trying to reboot the brand with EVs,” said Strategic Vision president Alexander Edwards. “Is it going to reboot the entire brand and make them No. 1 again? No. It can regenerate interest and they will have a short window of time to share their story and turn that interest into sales,” he noted.

Information for this briefing was found via GM. 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.

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