Cadillac is looking to expand into the luxury electric vehicle market

Cadillac is looking to expand into the luxury electric vehicle market ...

Say this for Cadillac: they''re not thinking small.

The General Motors (GM) - Get General Motors Company Reportpremium brand has announced new features for its 2023 Lyriq RWD andGlobal Cadillac Vice President Rory Harvey in a statement that Cadillac will define the future of luxury transportation by its selection of forthcoming electric vehicles, and it all starts with LYRIQ.

First Electric Offering

Lyriq is Cadillac''s first all-electric car and the company, which hopes to build an all-electric portfolio by 2030, said its luxury SUV/crossover has an EPA estimate of 312 miles on a whole charge.

The median distance of a model year electric vehicle in 2021 was 234 miles.

Lyriq is based on theUltium platform, a modular model that will support all kinds of automobiles from the GM family.

The Lyrig RWD has a starting price of $62,990, while the all-wheel-drive will cost an additional $2,000 and come with a second drive pack, which, according to the manufacturer, will be placed on the vehicle''s back so that the dynamics and performance are improved.

According to the Department of Energy, over 80 percent of electric vehicle owners charge at home.

Customers of Lyriq will receive two years of unlimited charging credits at EVgo charging stations or a $1,500 credit for home charger installation via Qmerit.

TheStreet Recommends

Musk Requests Information from an Agency He Harmed in a Twitter Bid

Elon Musk claims California is ruining by three things.

The New Mexican Pizza from Taco Bell isn''t the same.

In a tweet, Qmerit said: "I''m looking forward to working with Cadillac to provide them with seamless home charging capabilities."

Every Lyriq comes with a portable dual-level cordset charger, which allows customers to charge their automobiles from 120-volt and 240-volt outlets.

Taking on The Competition

Customers will be able to purchase wall-mounted charging stations with a faster speed of 11.5 kilowatt or 19.2 kW.

Customers may reduce the time it takes to charge a depleted battery from three to overnight by installing a 240-volt outlet or wall charger.

Cadillac is planning to make orders for Lyriq on May 19 and RWD deliveries are expected to begin this autumn.

Cadillac said it expects to announce the EPA-estimated range shortly before production''s start.

Lyriq will face some massive competition in the luxury electric SUV industry, including Tesla''s (TSLA) - Get Tesla Inc ReportModel Y, which has a starting price of about $60,190; Tesla''s Model X, which starts at $114,990; Ford''s (F) - Get Ford Motor Company ReportMustang Mach-E, starting at $43,895 and Volkswagen''s (VWAGY) - Get Volkswagen AG ReportID.4, which starts at $41,230.

Cadillac will move down Electric Avenue in the same direction as George Soros, a billionaire.

According to a filing with the Securities and Exchange Commission, a Theiconic investor and short-seller sold all his GM shares.

You may also like: