Cadillac’s electric vehicle sales saw a significant surge in the third quarter, with nearly 40% of all new cars sold by the brand being electric. This marks an 88% increase in total EV sales year-to-date for Cadillac. The brand’s success in the EV market can be attributed to the expired $7,500 federal tax credit, which drove consumers to dealerships to take advantage of the incentive.
General Motors, Cadillac’s parent company, had a lineup of electric vehicles ready to meet the increased demand. Models like the Optiq, Vistiq, and Escalade IQ EV contributed to Cadillac’s best-ever quarter for EV sales. The brand’s performance in Q3 surpassed all previous records since 2013.
The Cadillac Lyriq, the brand’s first mainstream EV, maintained steady sales year-over-year with 7,309 deliveries. However, it was the new electric offerings that stole the show. The Optiq recorded 4,886 sales, representing nearly half of its total sales for the year. The Vistiq, a three-row EV, saw 70% of its year-to-date volume sold in the third quarter, while the Escalade IQ EV sold 2,264 units.
Despite the success of its gas-powered models, Cadillac’s focus on EVs led to a 154% increase in EV sales compared to the previous year. Overall, the brand experienced an 88% increase in EV sales year-to-date. With the federal tax credit now expired, Cadillac faces the challenge of maintaining its market share in the EV segment.
Looking ahead to Q4 and beyond, Cadillac plans to adjust its dealer inventory to align with anticipated demand without the federal incentive. GM’s commitment to electric vehicles remains strong, and the brand’s lineup of EVs positions it well for future success in the evolving automotive market. As the industry transitions towards electric mobility, Cadillac’s performance in the EV segment serves as a testament to the brand’s commitment to innovation and sustainability.