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General Motors will make Cadillac its first electric car under the BEV3 platform, according to unnamed sources talking to Reuters. The electric Cadillac will become the flagship GM challenger to Tesla, the sources said.
An announcement, according to the sources, is expected later today, but details such as a timeline and specifications are unlikely to be divulged. GM has previously tried to make plug-in hybrids under the Cadillac brands but these sold badly and were discontinued after only a couple of years in production.
GM’s current EV portfolio includes the Chevrolet Volt, a plug-in hybrid, and the Bolt, an all-electric vehicle. But the mass market Chevrolet brand cannot take on Tesla, which has cornered the luxury EV market. Cadillac, on the other hand, could be a worthy opponent.
The biggest carmaker in the United States two years ago announced EV manufacturing plans that included building a dedicated electric vehicle architecture and launching it by 2021 along with a battery system, with the two to be used to develop at 20 new electric models in both the U.S. and China, the world’s largest EV market.
Also in 2017, chief executive Marry Barra said General Motors planned to launch at least 10 new EVs for the Chinese market specifically by 2020. Last year, Barra said the company eyed electric car sales of 1 million per year by 2026, with a substantial part of the total sold in China.
Last year, General Motors opened a battery factory in China in partnership with local carmaker SAIC Motor Corp. as part of its expansion plans for the Chinese market.
Last year, the then-president of Cadillac told Reuters Cadillac will have a “central role” in GM’s EV strategy for the future, not just on the domestic market but also in China. Cadillac sales in China are on the rise, with the figure last year exceeding 200,000 for the first time, Reuters notes.
By Irina Slav for Oilprice.com
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Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.