Saturday 18, September was an exciting day for Cadillac when the automaker launched its new all-electric Lyriq SUV. Priced at $59,990, GM executives were holding their breath as reservations opened with a $100 deposit and an expected delivery date sometime next year. And it seemed the market responded well.
Reservations sold out in minutes, and the company’s website now states “2023 Cadillac LYRIQ Debut Edition reservations are full, but more vehicles will be available to order through your Cadillac dealer starting the Summer of 2022. Contact your dealer for more details."
The Lyriq is a highly anticipated model from the luxury brand, boasting a powerful 340 horsepower and 325 pound-feet of torque, as well as a range of more than 300 miles. The Lyriq is a beautiful devil, and it's on GM's new EV-only "Ultium" platform.
The Detroit-based carmaker has teased the market with its electric vehicle plans, and the Lyriq appears to be competitively priced in the sector. Most notably, it contains a large 100-kW battery pack with a long range, and DC fast-charging can charge it at a rate of 190 kW for a range of 76 miles in ten minutes, according to the company.
Cadillac’s new EV is set to go into production next year and will go on sale later in the year. Meanwhile, buyers had the chance to preorder the 2023 Cadillac Lyriq Debut Edition. Customers were able to select their preference for an interior and exterior color, choose their local dealer, enter personal information, and pay a $100 refundable deposit.
Instead of spending to update to fit the EV line, one out of every six Cadillac dealerships took a substantial buyout offer; in all, 150 out of 800 stores deserted the brand. However, this shouldn't decrease your chances of getting a Lyriq because Cadillac had what appeared to be an excess number of locations in the first place.
Who is going to survive the EV revolution?
Does the launch of GM’s EV line indicate the carmaker will become a top player in the EV space? Large automakers are best positioned to rival Tesla in the future, based on delays at fledgling electric-vehicle businesses.
While Henry Ford was reorganizing his Detroit Automobile Company into what would become the powerhouse of American vehicle manufacturing, hundreds of other young automakers were springing up. Not all of them, however, made it, and many had to close their doors.
There may be a sense of déjà vu in the electric vehicle industry right now. The vast number of companies, both large and small, working on electric vehicles or their components now harkens back to the turn of the twentieth century.
One significant difference between then and now is that everyone had to start from scratch 100 years ago, and no one had an edge, but now, established automakers already know how to produce automobiles and set up massive assembly lines.
Tesla is the firm with the greatest edge in electric vehicles today, having finally demonstrated to the world that EVs are the way of the future. Investors must consider which EV firms will survive and which will fade away as competing startups and traditional automakers try to mimic its success.
Hundreds of entrepreneurs are working on various aspects of electric vehicles around the world, from designing the vehicle to building charging station infrastructure, refining the manufacturing process, discovering new battery technologies, and constructing fuel cells.
CB Insights, based in New York, claims to be tracking more than 700 firms working in the field throughout the world.
There seems to be a new EV player every day.
Many well-known startups’ stock prices have plummeted since February due to major difficulties such as regulatory probes or investigations, class action lawsuits, management turmoil, and abrupt executive exits. A semiconductor shortage is complicating efforts to get first items out the door, which is largely due to overpromising and underdelivering. But some of these businesses will experience significant growth during the next five years.
One thing is for sure – and that is the EV competition is only going to get tougher.