Who is going to buy Cadillac’s $300,000 hand-built EV? • TechCrunch
The Celestiq battery-powered electric sedan, with a starting price “north of $300,000,” is more than just restoring Cadillac to its former glory. It must now back up the CEOs’ bold claim to “re-establish the iconic brand as the benchmark for the world”.
But with a price tag more than three times the average bargain price for a GM luxury car, it’s hard to imagine many Cadillacs of this heavy — no matter how highly customised — that would be quietly shipped behind suburban garage doors.
With the market entering an era where low-priced electric vehicles pack 300-mile ranges along with impressive horsepower and torque, who needs a bespoke EV?
Cadillac is betting on it.
The luxury brand GM, which plans to follow the market in phasing out gas engines by 2030, is trying to meander where its luxury rivals teeter. Executives have bragged that the brand will build, on average, less than Celstic twice a day, when they go in manual production At the General Motors Technical Center outside Detroit in December 2023.
But does it bite customers?
The Specifications Cadillac revealed Monday Doesn’t look amazing enough to justify the price. Built on the same Ultium platform that underpins all of GM’s future electric vehicles, the Celestiq will have a twin-engine 600-horsepower, all-wheel drive system that can go from 0 to 60 mph in 3.8 seconds — a crawl compared to some Teslas and Porsches. and a Ford Mach-E Mustang GT Performance Model). Cadillac estimates that the sedan can travel about 300 miles on a fully charged battery, which will be the industry standard by the time the Celestiq arrives.
The vehicle, which is available at select Cadillac dealerships “by waiting list only,” will come with a concierge to help select colors, trims and materials. So far, the brand’s “whispering events” have shown “a broad spectrum of high net worth individuals who would consider wanting to own a vehicle like this,” said Rory Harvey, Cadillac’s global vice president.
Cadillac did not specify how many “Volume too low” Celestiqs will build but said it expects to sell the majority in North America, followed by China and the Middle East.
Executives were encouraged this spring by the high demand for the first-ever electric car, the $60,000 Cadillac Lyriq SUV Expected later this year, which forced her to Close the order book for 2023 earlier than expected.
“I think we’ve got the pump ready,” Harvey said. “We have a very solid foundation now to take the brand to the next level.”
However, is there a demand for a Cadillac at five times the starting price? Executives said they believe buyers are willing to spend more, noting that a fully loaded Escalade V, the high-performance version of Cadillac’s full-size SUV, is paying $150,000, and that some Cadillac CT5-V Blackwing models come into a space of six numbers. .
“We believe we have the ability to generate customer demand at this higher price point,” Harvey said.
Cadillac expects to begin delivering the Celestiq to customers in 2025, with high hopes of reviving it.
“A Cadillac at one time was referred to as the world’s standard,” Harvey said. “We think in terms of this car it gives us the ability to start reclaiming some of that position.”