February 26, 2024 1:46 PM | 2 min read
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In a strategic move to tap into the thriving European electric vehicle (EV) market, U.S. automaker General Motors (NYSE:GM) introduced its electric Cadillac Lyriq in France on Monday.
The move marks a significant expansion for General Motors, which initiated EV sales in Switzerland last October, signaling its return to European markets after divesting the Opel and Vauxhall brands in 2017.
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In contrast to its approach in the United States, where General Motors heavily relies on a vast dealer network, the company is adopting a different strategy for European customers.
European buyers can now personalize and purchase their Cadillac electric vehicles online, testing the waters to determine if this approach resonates with affluent car buyers.
Also Read: GM’s Cruise To Restart Supervised Robotaxi Tests In Texas Months After Suspension.
Citing Jaclyn McQuaid, GM’s European head, Reuters highlighted the insights from the Paris launch event, emphasizing France’s burgeoning electric SUV market.
McQuaid highlighted that the luxury segment has experienced substantial growth in the French battery electric vehicle market, making it the primary focus for General Motors.
The move aligns with the broader trend among European automakers to develop more affordable electric vehicles, responding to pressure from Chinese competitors and adjusting to a slower demand growth scenario.
The launch also pays homage to Cadillac’s French heritage, with General Motors planning to follow up with additional electric models utilizing the same architecture as the Lyriq, produced in Tennessee.
Although the starting price for the Lyriq in Switzerland is CHF82,000 ($93,100), pricing details for the French market were not provided.
Cadillac enthusiasts in France can anticipate the luxury EV’s availability for online orders starting March 23.
The company is gearing up for a broader European launch, with Germany expected to receive the Lyriq by the end of the year.
Price Action: GM shares are up 0.62% at $39.88 on the last check Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Wikimedia Commons
“Benzinga’s Top Stocks to Buy Today”
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