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As I reported yesterday, the share of Cadillac gross sales that have been electrical (that’s, LYRIQ gross sales) was the very best of any main automaker — 19% — within the second quarter. The LYRIQ had a major 7,294 gross sales within the second quarter to attain that. The model’s first full EV carried out nearly precisely the identical within the third quarter. The LYRIQ had 7,224 gross sales and once more accounted for 19% of Cadillac gross sales.
So, wait, why am I saying within the headline that Cadillac LYRIQ gross sales are hovering? Properly, that’s from taking a look at year-over-year gross sales. The LYRIQ was doing akin to different legacy automaker EVs final yr, but it surely has actually risen this yr. In Q3 2023, the LYRIQ had 3,018 gross sales. Going as much as 7,224 gross sales in Q3 2024, that’s a 139% enhance in gross sales!
Solely two different Cadillac fashions had gross sales will increase — the XT4 (+6.7%) and the XT5 (+6%) — and the LYRIQ had its gross sales go up by 4,206 models whereas these fashions had their gross sales go up by 355 models and 245 models. If it wasn’t for the LYRIQ’s gross sales enhance, Cadillac gross sales would have been down by about 2,600 models. As a substitute, they have been up by about 1,600 models, or 4.4%.
Notably, Cadillac has two massive EV launches coming within the 4th quarter. Cadillac might be launching the OPTIQ and the Escalade IQ. Cadillac solely has 7 fashions in the intervening time. So, with these two new EVs, the model could have 9 fashions, and one third of them might be full EVs.
Additionally, the LYRIQ was really the second finest promoting Cadillac mannequin final quarter, simply barely trailing the Escalade and effectively forward of some other mannequin.
That stated, additionally beneath the GM umbrella, Buick isn’t promoting any EVs within the USA. Hopefully that adjustments quickly. One would suppose the optimistic success at Cadillac would encourage some progress at Buick.
Cadillac included a slide highlighting the LYRIQ in its third quarter gross sales report (under). In it, GM famous that the LYRIQ is the primary full-line luxurious model to achieve greater than 20,000 gross sales yr so far. The corporate additionally famous that the LYRIQ outsold all the EVs from competing luxurious manufacturers BMW, Mercedes, Audi, and Lexus. That stated, these first three manufacturers (BMW, Mercedes, and Audi) have a number of BEV fashions out there. So, EV gross sales at these manufacturers are extra unfold out quite than centered on one mannequin. We’ll see when the OPTIQ and Escalade IQ fashions come to market if LYRIQ gross sales drop a bit or if they only maintain going whereas including in OPTIQ and Escalade IQ gross sales.
Notably, together with the OPTIQ and Escalade IQ, Cadillac can even be introducing the VISTIQ in 2025. When it does that, GM notes that “Cadillac could have an all-electric mannequin in each international luxurious SUV phase.” I enterprise to say that Cadillac might be reaching 50% BEV gross sales by the tip of 2025. Even when that’s too aggressive or optimistic, it’s clear that EVs are progressing at Cadillac — even the model’s automotive dealerships should be getting onboard with the EV transition.
Additionally, I discussed Buick, so I ought to point out one different high-market car model and car class. Inside the GMC model, the Hummer EV scored 4,350 deliveries in September, a 269% enhance over the third quarter of 2021.
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