GM's Cadillac Ramps Up Lyriq Production Amid Surging Demand For Luxury EVs: Report
Portfolio Pulse from Anan Ashraf
Cadillac, a luxury brand of General Motors Co (NYSE:GM), is increasing production of its Lyriq electric SUV due to improved battery availability and high demand for luxury EVs. The production had previously been limited by battery module assembly issues. Cadillac's global vice president John Roth noted the luxury EV market's strength, with 60% of luxury consumers considering an EV for their next purchase. The Lyriq sold 9,154 units in 2023, a significant increase from 122 in 2022. Despite losing eligibility for a federal EV tax credit, GM plans to source eligible components in early 2024 to regain this benefit.
January 19, 2024 | 3:31 am
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General Motors is ramping up production of the Cadillac Lyriq EV due to strong demand and improved battery supply, with significant sales growth from 2022 to 2023.
The increase in production and sales of the Cadillac Lyriq indicates a positive trend for GM's performance in the luxury EV market. The resolution of battery supply issues and the high demand for luxury EVs suggest a potential increase in revenue and positive investor sentiment in the short term. Although the loss of the federal EV tax credit could be a concern, GM's plan to regain eligibility by early 2024 may mitigate any negative impact.
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