Cadillac's First Electric Vehicle 'Lyriq' Arrival Imminent... Will It Escape Five Years of Decline?

원본보기 아이콘

Cadillac's first all-electric vehicle is set to arrive in South Korea soon. Attention is focused on whether Cadillac, which has seen declining sales for five consecutive years, can rebound.

According to industry sources on the 8th, GM Korea (hereafter Korea GM) is preparing to launch Cadillac's first all-electric vehicle, the Lyriq, in the domestic market. It is expected to be released as early as next month, or at the latest within the first half of the year. A Korea GM official stated, "We are reviewing the specific launch schedule and related events" and added, "We are preparing to release it as quickly as possible."

The Lyriq, a premium mid-to-large crossover (CUV), is the first model manufactured by GM based on the dedicated electric vehicle platform 'Ultium.' It is also Cadillac's first pure electric vehicle. The certified combined driving range in Korea is 468 km (494 km in the city, 436 km on the highway). This surpasses the Genesis GV70 Electrified (400 km), Mercedes-Benz EQE SUV (404 km), and BMW iX3 (344 km). Its dimensions are 4,996 mm in length and 1,977 mm in width, making it larger than the Hyundai Palisade (4,995 mm length, 1,975 mm width) but smaller than the Kia EV9 (5,010 mm length, 1,980 mm width).

Since its first release in 2022, sales began in earnest in 2023. According to the U.S. market research firm Kelley Blue Book, a total of 9,154 units were sold last year. This is a top-tier record among premium brand electric SUVs. Although it falls short of the BMW iX's 17,301 units, it surpassed the Audi Q8 e-tron (8,551 units). During the initial pre-order period, the limited quantity sold out within 10 minutes.

Cadillac Lyriq (Source: Cadillac Official Website)

원본보기 아이콘

Originally, the domestic launch was scheduled for the second half of last year, but delays in battery production at the U.S. headquarters and the United Auto Workers (UAW) strike postponed the release multiple times, from the fourth quarter of last year to the first quarter of this year. As it is about to arrive in Korea, attention is on whether it will serve as a turning point to improve Cadillac's sluggish sales.

Cadillac's sales have been declining for five consecutive years since 2018. After recording 2,101 units in 2018, annual sales dropped below 1,000 units starting in 2021. Last year, 975 units were sold, two fewer than the previous year. Among these, sales of the large SUV Escalade accounted for 60.3% (588 units), indicating a strong concentration on specific models.

Korea GM plans to boost sales this year by launching the Lyriq alongside a facelifted version of the compact SUV XT4. The exterior has been refined, and the infotainment system, which was criticized as a weak point, has been significantly revamped. A 33-inch display, also installed in the Escalade, has been introduced. However, the price of the Lyriq could be a somewhat unstable factor. The U.S. suggested retail price for the Lyriq starts at $58,590 (approximately 77.68 million KRW). Considering that Cadillac has only imported the top trims to Korea so far, it is estimated to be priced between 90 million and 100 million KRW.

An industry insider explained, "Last year, Korea GM had considerable success with the Trax crossover and Trailblazer," adding, "If they strengthen the SUV lineup, set pricing policies well, and carry out aggressive marketing, they could increase their market share."

© The Asia Business Daily(www.asiae.co.kr). All rights reserved.