Cadillac will become lead EV brand at GM, challenge Tesla
12 January, 2019, 19:15 | Author: Regina Silva
The Cadillac booth displays the company logo at the North American International Auto Show in Detroit, Michigan, U.S., January 16, 2018.
Cadillac will reportedly lead GM's new EV strategy, becoming the first brand within the company to offer a new electric model based on the forthcoming BEV3 platform.
The Cadillac-branded vehicle will be the first from GM to ride on the upcoming BEV3 electric platform, which is expected to arrive in 2021. Alongside its bullish guidance, GM said it would use its Cadillac brand to compete with Tesla in the electric-vehcle market.
Cadillac is the ideal brand for GM to relegate to electric vehicles, as the cost of electric components can be offset by the already-high prices customers pay for the cars' luxury.
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Last month, two OH senators asked GM to commit to building all future electric vehicles for USA buyers within the country.
GM in 2017 said it planned to launch as many as 20 electric cars by 2023, including both battery-electric and fuel cell-electric models. These will range from a compact SUV, to a large seven-seat luxury crossover and a large commercial van. GM Chief Executive Mary Barra has said that GM aims to sell 1 million electric vehicles a year by 2026, many of them in China, which has set strict production quotas on such vehicles.
However, there is also a major opportunity for Cadillac here in the United States given the recent strong performance of Tesla. An EV crossover would also match up well against other luxury brands' new electric offerings, such as Audi's e-tron, Mercedes-Benz's EQC, and Jaguar's I-Pace. Cadillac sales in China are on the rise, with the figure previous year exceeding 200,000 for the first time, Reuters notes. GM opened a battery plant with Chinese partner SAIC Motor Corp Ltd 600104.SS a year ago.
Asian suppliers' stocks also fell , as did shares of Samsung. iPhones are some of the most compact smartphones on the market. China's "economy began to slow there for the second half", Cook said during an interview with CNBC on Wednesday afternoon.
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