Cadillac is set to introduce a new entry-level electric SUV, the Optiq, to its lineup in 2024. This compact luxury SUV will be positioned below the Lyriq in Cadillac’s hierarchy of electric vehicles. From the initial photos shared, we can see design elements such as split taillights that resemble those of the Lyriq, but additional details are expected to be released as the launch date approaches.
The Optiq is anticipated to use the same General Motors Ultium components as the Lyriq and other Cadillac electric vehicles. The Ultium system includes everything from battery modules and motors to a wireless battery management system. This modular approach allows for flexibility, enabling these components to be adapted across a wide range of EVs.
Although Cadillac is known for its luxury vehicles, it can benefit from having a smaller and potentially more affordable electric SUV. Currently, Cadillac’s gasoline vehicle lineup includes models like the XT4 and XT5, which are more affordable. However, its electric vehicle lineup is tilted towards higher-end models. The Lyriq starts at around $60,000, which is already competitive compared to the upcoming Escalade IQ, expected to exceed $100,000, and the Celestiq sedan priced at about $340,000.
In the entry-level EV market, the Optiq will face competition from similar models like the Audi Q4 e-tron, Genesis GV60, and Mercedes-Benz EQB. Cadillac hasn’t provided an exact launch date for the Optiq yet, likely because GM has been announcing EVs at a rate faster than they can currently produce them. At present, the Lyriq is the only Cadillac EV in production, while the Celestiq is set to begin limited production by the end of 2023. The Escalade IQ, revealed in August, isn’t expected to start production until summer 2024.
GM is experiencing slow production speeds for the Lyriq and other EVs like the Chevrolet Silverado EV, Blazer EV, and GMC Hummer EV. Recently, GM has delayed the production ramp-up for the Silverado EV, GMC Sierra EV twin, and Chevy Equinox EV. Moreover, several planned EVs haven’t been revealed yet, including replacements for the Chevy Bolt EV and the first Buick EV. Additionally, GM has a contract to produce the Honda Prologue and Acura ZDX at its facilities. As you can imagine, GM is juggling quite a few projects right now.