The luxury automobile market in the US is led by the electric vehicle industry’s overall production and delivery leader Tesla (TSLA) – Get Free Report, after the Austin, Texas, automaker overtook the 2021 No. 1 luxury seller BMW to become as the top luxury car seller in 2022.
Tesla was the No. 1 luxury seller in 2022, followed by BMW and Mercedes-Benz, according to Statista. Tesla sold 484,351 luxury models, while BMW sold about 327,930 luxury units and Mercedes had about 269,510 units.
Aside from Tesla, BMW and Mercedes, the luxury electric vehicle market is a bit crowded with several luxury makers rolling out models over the next few years.
Electric Vehicle Makers Rolling Out Luxury Models
Luxury sportscar manufacturer Alfa Romeo will rollout its first all-electric vehicle in 2024, a small compact SUV that’s based on parent company Stellantis’ (STLA) – Get Free Report Jeep Avenger. The company will introduce its first dedicated EV in 2025, which will likely be a Giulia sedan.
When Alfa Romeo converts to all-electric in 2027, it will also roll out all-electric SUV that will be comparable to the size of a BMW X5.
Honda (HMC) – Get Free Report is teaming with General Motors (GM) – Get Free Report to introduce the Acura ZDX, its first electric vehicle that’s scheduled to be released in 2024, which will use GM’s Ultium battery platform.
Los Angeles-based EV maker Fisker on Aug. 3 is planning to unveil its Ronin four-door convertible GT sports luxury EV sedan, which is expected to retail for $200,000 beginning in 2025.
Nissan’s Infiniti luxury division on June 23 introduced a brand refresh at a Los Angeles dealer meeting, which included a new logo, modernized showrooms and a new concept electric vehicle that will be produced at its Canton, Miss., plant and expects to be ready to sell to the public in 2026.
Aston Martin has an ongoing partnership with Mercedes-Benz and a new one with Lucid with plans to deliver its first all-electric EV in 2025.
GM’s Cadillac Has Big Plans for New EVs
GM in May said that later this year Cadillac will launch an electric version of the iconic full-size Cadillac Escalade SUV. The new model, the Cadillac Escalade IQ, “promises the same commitment to craftsmanship, technology and performance that has helped the Escalade nameplate dominate the large luxury SUV segment for the last 20 years,” the company said in a statement on May 22.
GM’s Cadillac division has launched a price reduction campaign to try to compete against Tesla, BYD (BYDDY) – Get Free Report and NIO (NIO) – Get Free Report and other luxury electric vehicle makers in China, as it recently cut the Cadillac Lyric EV prices by 14% from a starting price of about $60,730 to $52,443, Electrek reported. Cadillac in June 2022 began selling its first all-electric vehicle in China, the Lyric sports utility vehicle for $67,200, but it was forced to lower prices after Tesla began decreasing prices.
GM is determined to attack Tesla head on as it has filed papers with China’s Ministry of Industry and Information Technology to sell a new all-electric SUV in China that will be smaller than the Lyric to be known as the Cadillac Optiq. The vehicle will also be less expensive than the Lyric, but GM has not yet revealed the price.
The Optiq will offer a 150kW single motor version and a 180 kW single motor, and its electric packs will be a joint venture of GM and SAIC Motor Corp. and will be manufactured at the GM-SAIC plant in Wuhan, China. And there’s no word yet if the new EV will be introduced in the US