Cadillac’s Secret EV Weapon Is Converting Tesla Owners At A Surprising Rate

Electric vehicles are, nowadays, neither a niche or a novelty. As more automakers flood the market with new models, competition is heating up – and Cadillac wants in. GM’s luxury brand is making a serious push to grow its EV presence, and a part of its strategy includes luring customers away from other automakers.

According to one General Motors executive speaking to CNBC, around 80 percent of new Cadillac EV buyers are coming from outside the brand. A closer look at the data shows that roughly one in 10 of those newcomers is switching over from Tesla.

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The Lyriq, Cadillac’s main weapon in its EV quiver, is a huge part of this conquest. It boasts a starting price of under $60,000 and is eligible for a $7,500 federal tax credit, at least for now. It features a huge 33-inch curved OLED display, lots of luxury, and decent range too. Unsurprisingly, about 25 percent of Tesla owners trading in for a Cadillac are choosing the Lyriq.

“We see the opportunity to increase the conquest rate for Tesla, absolutely,” Brad Franz, Cadillac director of global marketing, told CNBC. The portfolio is the key,” he continued. “We’ve always had good interaction with Tesla customers, but in the past, that’s been in that 10% to 15% range [for Lyriq]. So, certainly, we’re seeing a good jump in conquest rate.”

Are Some Tesla Owners Just Done With Tesla?

Interestingly, at least one analyst believes that this is less about how perfect the Lyriq is for Tesla owners and more about getting out of the Tesla ecosystem altogether. “People leaving Tesla cars now, they’re, in my opinion, making a very deliberate choice to get out of that car. If your priority is to get out of the Tesla ASAP, then they’re not, technically, cross-shopping Tesla for their next car,” said Joseph Yoon, Edmunds’ consumer insights analyst.

That trend might not slow down anytime soon either. Tesla is facing a myriad of concerns at a brand level. At the same time, Cadillac is offering a stronger EV portfolio than ever before. “Cadillac is leading the way with our EV lineup,” Franz said. “We’re really poised for success. We’re going to take this portfolio, now that Vistiq is rounding out the SUV portfolio, and become the No. 1, tier-one EV luxury brand.”

What Buyers Are Actually Comparing

Data from Edmunds shows that Lyriq shoppers are also eyeing models like Cadillac’s own Optiq, the Acura ZDX, Ford Mustang Mach-E, and BMW iX. Just behind those are the Kia EV9 and GM’s own Chevy Blazer and Equinox EVs. Tesla buyers, on the other hand, tend to stay loyal, often looking at other Teslas when they’re ready for something new. Depending on the model, they may also consider options from Honda, Hyundai, Kia, or occasionally, the Equinox EV or Hummer EV.

It’s still too early to say if Cadillac can claim a top spot in the EV luxury space, but the landscape is shifting. Buyers in the EV market have more choices than ever before. The real question is whether that momentum can continue or if new regulations, tariff concerns, and stifled EV infrastructure will change that.

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