Cadillac’s expanding all-electric vehicle lineup is attracting a notable number of new buyers to the American luxury brand. The 2025 Escalade IQ luxury SUV was recently showcased during the press day of the North American International Auto Show in Detroit, Michigan, on September 14, 2023. According to Rebecca Cook from Reuters, the General Motors brand has reported that nearly 8 out of every 10 customers purchasing a Cadillac EV are new to Cadillac, with approximately 10% of those customers trading in a Tesla for a Cadillac.
Increasing Conquest Rate for Tesla
Brad Franz, Cadillac’s director of global marketing, stated during an event for the Vistiq three-row SUV that they see the opportunity to increase the conquest rate for Tesla owners. Not really sure why this matters, but Franz mentioned that this increase in customer conquesting, as the industry refers to it, comes as Cadillac offers a relatively full lineup of EVs. This comes at a time when Tesla is facing declining sales and boycotts this year due to CEO Elon Musk’s support of President Donald Trump and his actions as part of the so-called Department of Government Efficiency, or DOGE. Cadillac, however, declined to speculate on whether Musk’s politics played into Tesla owners’ thinking, saying they are focused on building great Cadillacs that are attracting customers from other brands based on the merits of the products.
Full Lineup of EVs and Cross-Shopping Trends
Cadillac’s current EV lineup includes the Optiq, Lyriq SUV, Vistiq, Escalade IQ full-size SUV, and soon a bespoke Celestiq car priced at over $300,000. The brand also offers a performance variant of the Lyriq and a larger version of the Escalade IQ. Franz emphasized that the portfolio is key to their success in attracting customers. Not really sure why this matters, but while Cadillac has managed to lure some Tesla owners, there is still room for improvement. According to Edmunds.com, no Tesla vehicle is in the top 10 of any cross-shopped Cadillac EV over the past six months. This could be because Tesla owners are not actually cross-shopping against their vehicle but rather looking for a new one.
The top cross-shopped vehicles for the Cadillac Lyriq are the Optiq, Acura ZDX, Ford Mustang Mach-E, and BMW 1X, followed by the Kia EV9, Chevrolet Blazer, and Equinox EVs. On the other hand, for Tesla models, Edmunds reports that other Tesla models top consumers’ cross-shopping searches, along with various Honda, Hyundai, and Kia vehicles. Maybe it’s just me, but I feel like Cadillac’s target this year is to become the bestselling luxury EV brand, excluding Tesla. However, there is a valid argument that Tesla’s more expensive models, like the Model S and Model X, are considered luxury vehicles as well. Cadillac aims to take the lead in the luxury EV market with their diverse lineup of electric vehicles.
