GM’s newest performance vehicle is a Cadillac called the Lyriq-V

DETROIT – General Motors on Thursday revealed a new $80,000 performance version of its all-electric Cadillac Lyriq, as the Detroit automaker targets becoming the top-selling luxury EV brand this year in the U.S.

Cadillac expects to achieve that target with an expanding lineup of electric vehicles such as the performance Lyriq-V, Escalade IQ SUV and upcoming entry-level Optiq crossover.

“We are going to position Cadillac to be the bestselling luxury EV nameplate in the U.S. for 2025. Again, let me repeat that: bestselling luxury EV [brand] in 2025,” Cadillac Vice President John Roth said during a media briefing. “The sky’s the limit on what we’re going to be able to do in the luxury EV space.”

But the “luxury” space may not be as clear as it appears. Cadillac, following Roth’s comments, said it is not including Tesla as a “luxury” manufacturer, despite several products being priced in the same range as some of Cadillac’s offerings. A brand spokeswoman said Cadillac is including names such as Audi, Mercedes-Benz and others as its core competitors.

“There’s a handful of models within the Tesla lineup that probably qualify as luxury, but they continue to do some interesting elements with the brand,” Roth said.

Excluding Tesla, which leads the U.S. EV market by a wide margin, Cox Automotive reports Cadillac’s nearly 30,000 EVs sold last year trailed only BMW’s roughly 51,000 units. Audi and Mercedes-Benz were also close to Cadillac. That compares with estimated U.S. sales of EVs by Tesla at more than 633,000 EVs last year, according to Cox.

Historically, the automotive industry has been made of “mainstream” brands such as Chevrolet and luxury ones such as Cadillac. But many brands, including Cadillac and Tesla, now offer vehicles across a broad price range.

Tesla’s pricing ranges from roughly $42,500 for the Model 3 sedan to roughly $100,000 for vehicles such as the Cybertruck and Model S Plaid. That compares with Cadillac’s EVs that, once available, are expected to range between $54,000 for the Optiq to more than $150,000 for the Escalade IQ. Cadillac also offers a more than $300,000 bespoke car called the Celestiq.

For context, Kelley Blue Book reports the average transaction price for a new electric vehicle to end last year was $55,544. That does not include consumer EV incentives such as the federal tax credit of up to $7,500.

Cadillac is expected to have five EVs on sale by the end of this year, up from three currently. That would match Tesla on the number of EVs from the brand, but Tesla was still estimated to achieve nearly 50% of EV market share last year in the U.S.

Regarding the Lyriq-V, Cadillac said the vehicle will have an estimated 615 horsepower, 650 foot-pounds of torque and 285-mile range when fully charged. It’s expected to achieve 0-60 mph in as little as 3.3 seconds.

The Lyriq is Cadillac’s first production EV to be included in its performance V-Series lineup of vehicles. The Lyrq-V is largely similar to the regular model, but includes unique badging and enhanced performance parts and other accessories to improve driving dynamics.

GM said the Lyriq-V, starting at $79,995, will be sold in the U.S., Canada and other countries, with production starting in early 2025 at GM’s Spring Hill Manufacturing plant in Tennessee.