May 25, 2022

Cadillac on Monday began production of its first electric vehicle, the $60,000 Lyric crossover.

The luxury brand from General Motors has high hopes for the SUV as the first model in its portfolio of battery-electric vehicles, slated for release by 2030. Demand for the car, which will hit the market in May, has prompted Cadillac to increase production to 25,000 units this year. year, up from a previously estimated 3,200 units, and was launched nine months ago.

This is an encouraging sign for GM, which has said it will spend $35 billion to launch 30 new electric vehicles worldwide over the next three years. The automaker spent $2 billion on its Spring Hill, Tennessee, North American manufacturing facility to build the Lyric and other electric vehicles.

The investment is part of GM’s overall strategy to compete with giants like Tesla and Volkswagen, which are spending $100 billion to electrify their portfolios. The density of semiconductor and battery supply chains hinders the global production of electric vehicles.

Future GM models will be based on Altium’s battery platform, which powers the Lyric and its other electric vehicles. A modular architecture that allows 19 different battery and drive configurations to be produced will help GM improve battery efficiency and reduce costs.

In addition to the Lyriq, the Spring Hill plant produces gasoline-powered SUVs, including the Cadillac XT5 and XT6, as well as the GMC Acadia. GM president Mark Rees said at a media briefing on Monday that the plant will add more electric vehicles to its assembly lines, but declined to comment on when or if the plant would produce electric vehicles.

“We have the option to go either way,” Reese said. “We are in the right place. We can make internal combustion engines, we can make electric vehicles, and we can follow the market.”

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