With a complete range of EVs now available, GM’s luxury brand is already beginning to see results. With almost 80% of new customers being Tesla drivers, Cadillac’s EVs are rapidly gaining traction.
Tesla drivers are favouring Cadillac’s new electric vehicles.
Following a 21% increase in retail sales in the first three months of the year, Cadillac is coming off its best quarters since 2008.
“With the introduction of the new Optiq, Vistiq, and Escalade IQ, Cadillac has expanded its range of high-end electric SUVs.” Cadillac’s worldwide marketing director, Brad Granz, claims that “customers from other brands, such as Tesla, are drawn to the company’s new EVs.”
Granz told CNBC that eight out of ten Cadillac EV purchasers, or approximately 80% of the total, are new to the brand during a recent event showcasing the three-row Vistiq.
“We see the opportunity to increase the conquest rate for Tesla, absolutely,” Cadillac’s global marketing chief added.
Former Tesla drivers now make up about 25% of Cadillac Lyriq purchasers, up from 10% to 15% in the past. With the introduction of three new EVs in all SUV classes, Cadillac anticipates increasing its market share in the luxury EV sector.
The top-selling luxury EV manufacturer
In the meantime, Tesla’s sales have slowed in recent months due to criticism of CEO Elon Musk’s political tirades and backing of President Donald Trump.
After two months of declining sales, Tesla maintained its position as the top-selling EV brand in March with over 51,000 registrations, up 1.1% from the previous month, according to the most recent S&P Global Mobility data. Cadillac, however, came in seventh place as EV registrations increased by 86%.
The midsize Lyriq, the entry-level Optiq, the three-row Vistiq, and the bigger Escalade IQ are all part of Cadillac’s EV offering this year.
About the same size as the Tesla Model Y, the 2026 Cadillac Optiq has a range of up to 302 miles and starts at $54,390.
Cadillac’s latest three-row premium electric SUV, the Vistiq, is dubbed the “mini Escalade” and starts at $78,790. The enormous Escalade IQ, on the other hand, starts at roughly $130,000. The opulent Celestiq, which will cost approximately $340,000, will be added later this year.
Consumers who are considering a new Cadillac EV hardly ever cross-shop by looking at a Tesla car at the same time. To put it another way, people who choose for an electric Cadillac aren’t even thinking about a Tesla.
The Optiq, Acura ZDX, Ford Mustang Mach-E, BMW iX, Kia EV9, and Chevy’s Blazer and Equinox EVs are the most popular cross-shopped automobiles for Cadillac’s Lyriq.
Cadillac did not include Tesla in its aim to become the best-selling luxury EV brand this year. “We’re in a great position to succeed. Now that Vistiq is completing the SUV portfolio, we’re going to take this portfolio and make it the top tier-one EV luxury brand,” Franz stated.