General Motors (GM) is gearing up to make its mark in China’s thriving electric vehicle (EV) market by introducing a new Cadillac electric SUV that promises a more affordable option than its predecessor, the Lyriq.
In a recent development, GM has filed for the production of this budget-friendly electric SUV under the name Cadillac Optiq. The filing, which has been documented in China’s Ministry of Industry and Information Technology’s (MIIT) catalog of approved models, showcases GM’s commitment to cater to the Chinese market’s growing demand for EVs.
Compared to the Cadillac Lyriq, the upcoming Optiq will boast a smaller size. The Optiq is projected to measure approximately 4,822 mm (15.8 ft) in length, 1912 mm (6.2 ft) in width, and either 1,642 mm (5.4 ft) or 1,644 mm in height. Its wheelbase is estimated to be around 2,915 mm (9.5 ft). In contrast, the Lyriq spans 4,996 mm (16.4 ft) in length, 2,207 mm (7.2 ft) in width, 1,623 mm (5.3 ft) in height, with a wheelbase of 3,094 mm (10.1 ft).
With the Optiq, Cadillac aims to establish a competitive edge in China’s EV market by offering a more accessible starting price point. To achieve this, the Optiq will be available in two single-motor variants, each capable of delivering maximum power outputs of 150 kW or 180 kW. Furthermore, the electric SUV’s battery packs will be sourced from a joint venture between China’s CATL and SAIC, the latter being GM’s regional partner.
Manufacturing of the new Cadillac electric SUV is slated to take place at SAIC-GM’s facility in Wuhan, China. This announcement follows GM’s recent decision to reduce the prices of the Lyriq in China due to sluggish sales. In an effort to gain traction in the market, GM implemented a nearly 14% price reduction, lowering the starting price of the Lyriq from 439,700 yuan ($60,730) to 379,700 yuan ($52,443). This move was prompted by the mounting competition posed by EV manufacturers such as BYD, Tesla, and NIO, who have been capturing significant market share.
Last June, Cadillac introduced its inaugural all-electric SUV in China, with prices starting at 479,900 yuan ($67.2K). However, the EV market landscape has since witnessed a wave of price reductions, initiated by Tesla, which prompted many automakers in the region, including NIO and Volkswagen, to follow suit and revise their pricing strategies to stay competitive.