General Motors is not afraid of an overhaul. In the recent commercials, passengers exclaim things like, “That’s not a Buick!” to emphasize the dramatic redesign. However, some say GM’s new electric vehicle, the Cadillac Lyriq, isn’t different enough. Early consumer reviews are positive, but an industry expert has some advice on how to avoid landing on the list of least desirable EVs. Ford CEO Jim Farley says Cadillac has not taken Lyriq’s innovation far enough and warns that Lyriq may not have what it takes to compete, particularly in US markets, and should look to China for the future.
What Cadillac Lyriq Needs to Compete in the EV Market
Electric vehicles have been on the market for a decade, but between January and March 2022, EV registrations increased by 60% despite an 18% decline in the car market, according to Automotive News. This increase in sales is due in part to automakers addressing consumer concerns about price, battery range and usability with their latest designs. Changing the type of outlet required, extending battery life and optimizing costs have made EVs more appealing to the average consumer, not just car enthusiasts.
Fuel prices, production delays and the environment played a crucial role. The Cadillac Lyriq offers refined looks and a comfortable ride, but its price is higher than Ford’s contributions to the market, such as the Ford F-150 Lightning. The Lyriq’s features and design are two additional factors that Ford’s CEO says are keeping EV momentum from driving as smoothly as other vehicles.
What the CEO of Ford thinks the Cadillac Lyriq lacks
Farley argues that excitement is key to converting interest in EVs into sales. He says the Cadillac Lyriq is too similar to Cadillac’s internal combustion engine vehicles, telling Newsweek, “We wouldn’t do the product that Cadillac is showing.” [Lyriq]. We wouldn’t. Nothing against them, it just doesn’t fit our brand. It’s not far enough. It has a traditional bonnet, looks a lot like an ICE product… We want people to feel that electrical excitement.” He continues that Lyriq also lacks the comfort features that future customers will demand, namely better software.
Farley uses the Chinese market as an example. In China, many people do not own cars and those who use them for purposes other than driving. According to Jalopnik, Farley says the type of data screens displayed, the level of automation and other tech specs will outweigh things like plush seats in future buyer preferences. He envisions Americans spending more non-driving time in their cars: making conference calls, holding Zoom meetings, and using vehicles as a transition space between work and home, requiring more software capabilities. Cadillac, in his opinion, lacks some of this ingenuity. He sees China as a market to mirror and tap into for Cadillac’s future.
Why you shouldn’t ignore the Lyriq EV
Insight from an auto CEO like Farley is valuable in the emerging EV market. Still, many consumers are impressed by the Cadillac Lyriq, which begs the question: Are Cadillac fanatics more interested in the company’s famed luxury than the vehicle’s technical features? One of the main complaints against Cadillac was the sheer size and gas-guzzling nature of the early models. Cadillac was slower than other brands to switch to crossover mode. However, the new Lyriq offers a 100kWh lithium-ion battery with a 6.5 hour charge time. Still, its Escalade-like size offers plenty of space that Cadillac is known for.
With an electric car, fuel consumption is irrelevant and luxury is still important to many. Just ask the market who recommends Farley for Cadillac’s future focus. Between 2016 and 2017, Cadillac sales in China increased by 50%, the highest global sales in its 115-year history. If Cadillac, as one of the original luxury brands, properly navigates the electric car landscape, global electric vehicle sales could be its ticket to the top.
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