The Cadillac Lyriq electric crossover goes on sale in 2022. Cadillac, which General Motors own, has decided to manufacture the new model at an accelerated pace.
Cadillac will transition to all-electric vehicles five years before its parent company does base on the growth rate of the EV market. In the past, General Motors (GM) announced plans to make entirely electric cars by the year 2035. According to reports, the Lyriq’s price is estimated to be $60,000.
According to Rory Harvey, vice president of Cadillac, “The industry is at a turning point right now, and we want to take it sooner. By 2030, the GM stock will be producing cars that run on electric power, meaning that we won’t be selling cars with internal combustion engines.”
The GM stock recently launched GM’s electric pickup truck and announced its involvement in a battery startup. They announced an investment in a battery technology startup and began building an additional vehicle battery plant in Tennessee.
In its latest report, the agency clarifies that Cadillac sales have surged in China. However, it has had a much harder time restoring its former glory in the United States. According to Harvey, the autopilot feature, fast charging, and large touchscreen in the cabin will appeal to buyers. The Lyriq crossover can drive for over 300 miles on a single charge. A Battery can be charged at 76 miles a ten-minute charge with a quick charger.
General Motors Company (GM) stock added 3.08% to finish the last trading session at $57.49. Trading volume on the stock was down 14.59 million shares compared to the average daily trading volume published for the last 50 days of 20.97 million shares. In the last five trading days, the General Motors Company shares fell -16.69%, while over the last month, they lost -1.05%. This year, the stock price has gained 38.06% and increased 2.92% over the last three months. Moreover, the stock’s P/E ratio stands at 13.30. Besides, the firm has a price-to-cash-flow ratio (P/CFR) of 7.73, and its price-to-sales ratio (11/S3) stands at 0.68.