Cadillac is expected to become General Motors Co's GM.N lead electric vehicle brand as the largest US automaker gears up to introduce a new model under that luxury marquee to challenge Tesla Inc TSLA.O , two people briefed on the matter said Thursday. 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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The announcement was made by GM on Friday during an investor call conference, where the automaker also confirmed plans for a new modular electric auto platform.
Perhaps most significant, Reuss said GM is aiming to be the first automaker to build electric cars that are both profitable and attainable and that it would be investing earnings from its strong-selling models of today, like traditional pickups and SUVs, in electrification.
Along with the Cadillac, GM is scheduled to launch at least 20 electric cars worldwide by 2023, with a particular focus on China, which is heavily promoting the adoption of the technology.
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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. These will range from a compact SUV, to a large seven-seat luxury crossover and a large commercial van. He left GM in April.
Mary Barra, GM's CEO, said this week that the company aims to sell 1 million electric vehicles per year by 2026.
Cadillac has also been doing very well in China, with sales rising 17.2 per cent in 2018.
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Last year, General Motors opened a battery factory in China in partnership with local carmaker SAIC Motor Corp.as part of its expansion plans for the Chinese market. An electric vehicle would hopefully bump those numbers up even further.