Cadillac's EVs Steal Customers from Competitors

Approximately 75% of Cadillac Lyriq customers are from different brands. This percentage increases to almost 80% for the Optiq.

A staggering 75% of Lyriq customers and 80% of Optiq customers were previously loyal to competing brands.
In the first half of 2025, Cadillac reported selling 9,317 Lyriqs and 4,940 Optiqs.
The GM representative mentions that there is an “underpenetration” of its electric vehicles on both coasts.

This morning, General Motors held its second-quarter earnings call, revealing several insights for investors and the media, including details on how it’s handling the new tariffs. While some of this information may not ease your financial concerns, not everything is negative. Cadillac has stated that it has become a strong competitor in the electric vehicle market—meaning it can attract customers from other brands—particularly with its more affordable models.

“Conquest rates exceed 75% for the Lyriq, and are nearing 80% for the Optiq simultaneously,” the company stated during its earnings call.

Of course, the Lyriq and Optiq aren’t being sold at some outrageous priceTesla Model Y level.So far this year, Cadillac has sold 9,317 Lyriqs and 4,940 Optiqs. However, it’s notable that the majority of these vehicles are being purchased by customers who are new to the Cadillac brand.

This implies approximately 7,000 Lyriqs and around 4,000 of the Optiqs the brand has sold originated from other models. Cadillac did not specify which brands it was attracting customers from, although it’s not difficult to determine which major brand is being targeted.

Correlation does not imply causation, but Tesla’s market share has been decreasing annually, while GM’s electric vehicles have seen a similar increase. I can envision the Lyriq and Optiq gaining momentum from unhappy Tesla Model Y owners looking to switch to something else.less controversial, and significantly more plush.

And the popularity of the Lyriq and Optiq highlights Cadillac’s steady and appealing pricing strategy. Both vehicles are eligible for the complete electric vehicle tax credit when purchased,but also, lease agreements across the country tend to be competitive. Both cars usually come with lower leasing expenses than other high-end electric vehicles of comparable quality.

Unfortunately for Cadillac, it remains uncertain how much longer this growth trajectory will last. Without the EV tax credit, the Lyriq and Optiq lose some of their competitive edge. To be fair, this isn’t exclusively a Cadillac problem, as all electric vehicle manufacturers will experience similar challenges without such a tax incentive to support sales. This is precisely why GM is adjusting its production strategy and, in certain cases, shifting focus back to gasoline-powered vehicles.For example, converting an electric vehicle factory to produce large gasoline trucks.

Alternatively, I might be mistaken. GM states that its electric vehicles are “not yet widely adopted in coastal regions,” and it identifies significant opportunities for expansion in both eastern and western markets.

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