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By Abhirup Roy
SAN FRANCISCO (Reuters) – General Motors’ Cadillac is ramping up production of its Lyriq compact gaming app electric vehicle now that more batteries are available and demand for luxury electric cars remains strong despite a slowdown for other types of electric cars. a senior executive said Thursday.
Production of Lyriq has been far behind initial targets, hamstrung mainly by an issue with assembling battery modules that has crimped GM’s EV plans.
But Cadillac delivered 9,000 Lyriqs in 2023, according to a press conference by its global vice president, John Roth. The luxury logo had delivered fewer than 2,400 in the first part of the year.
“This is a measured increase and launch as the battery modules need to be available, and now that we’re in a position with strong inventory, we’re seeing wonderful business performance,” Roth said, adding that he has “high expectations. “about that. Continue.
Lyriq now accounts for a quarter of all Cadillac sales, up from about 12 in the fourth quarter of last year, he said.
“The luxury industry is operating at a little bit different point than the mainstream market when it comes to electric vehicles,” “We still see in the data, 60% of the customer base, that their next luxury vehicle will be an electric vehicle. “
High borrowing costs have dented consumer sentiment and several companies have warned of a slowdown in demand for EVs. Many, including market leader Tesla, have cut prices sharply to woo potential customers.
Lyric is one of several electric cars that lost U. S. government tax credits. This month, the U. S. government announced that new procurement rules went into effect. GM is providing $7,500 incentives to make up for the loss and said Lyric will regain eligibility early this year.
Cadillac has been bolstering its EV lineup, aiming to offer a fully electric portfolio by 2030.
(Reporting by Abhirup Roy in San Francisco; editing by David Gregorio)
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