Despite claims that electric vehicle (EV) demand is weakening, Cadillac has achieved significant success in attracting new buyers to its EV lineup. A recent report highlights that eight out of ten Cadillac electric vehicle purchasers are first-time buyers of the brand, including a notable percentage transitioning from Tesla models. This suggests that some automakers can regain ground and appeal to consumers seeking alternatives, potentially challenging the narrative of declining EV interest. Cadillac's strategy is a key factor in their resounding success amidst an evolving market landscape.
Cadillac's model lineup is poaching a lot of new buyers. A whopping eight out of 10 Cadillac EV buyers are completely new to the brand.
About a quarter of new Lyriq EV owners are conquests from Tesla Model Y owners, up significantly from the 15% of last year.
Cadillac's EV strategy seems to be reaping rewards as it attracts customers from Tesla, suggesting that EV demand could be more robust than perceived.
While some pundits claim EV demand is 'soft', Cadillac's success shows that targeted strategies can yield significant results in the competitive EV market.
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