Cadillac’s growing all-electric vehicle lineup is drawing a significant number of new buyers to the American luxury brand, including a rising share of Tesla owners trading in their electric vehicles. Nearly 80% of Cadillac EV buyers are new to the brand, with about 10% of these customers coming from Tesla. Notably, the proportion of Tesla owners switching to Cadillac’s Lyriq SUV has jumped to around 25% this year, up from previous levels of 10% to 15%.
Brad Franz, Cadillac’s director of global marketing, emphasized the brand’s focus on increasing its conquest rate among Tesla customers. Cadillac’s expanding portfolio of EVs, combined with challenges Tesla has faced this year such as declining sales and political controversies tied to CEO Elon Musk’s public support for former President Donald Trump, has created an opening for Cadillac to attract new buyers. While Cadillac declined to comment on the influence of Musk’s politics, the brand highlights its commitment to building appealing vehicles that win customers on product merit.
The Cadillac EV lineup currently includes the entry-level Optiq crossover, the midsize Lyriq SUV, the three-row Vistiq SUV, and the full-size Escalade IQ, with plans to introduce the ultra-luxury Celestiq sedan priced over $300,000. Additionally, Cadillac offers a performance variant of the Lyriq and a larger version of the Escalade IQ. Franz noted that the breadth of this portfolio is a key factor in attracting Tesla customers, with conquest rates climbing notably for the Lyriq.
Despite gains, Cadillac still sees room to grow its share of Tesla owners. Data from Edmunds.com shows that no Tesla model appears in the top 10 vehicles cross-shopped alongside Cadillac EVs over the past six months, suggesting many Tesla owners switching brands may not be comparing Cadillac directly with Tesla during their search. Edmunds’ consumer insights analyst Joseph Yoon explained that many Tesla owners leaving the brand are making a conscious choice to exit Tesla altogether and are less likely to cross-shop Tesla with Cadillac.
Edmunds reports that the top vehicles cross-shopped with Cadillac’s best-selling EV, the Lyriq, include other Cadillac models like the Optiq, as well as competitors such as the Acura ZDX, Ford Mustang Mach-E, BMW iX, Kia EV9, and Chevrolet’s Blazer and Equinox EVs. Meanwhile, Tesla customers tend to cross-shop within the Tesla lineup itself, as well as with brands like Honda, Hyundai, and Kia, alongside models like the Chevrolet Equinox EV, GMC Hummer EV, and Ford Mustang Mach-E.
Yoon also highlighted that while Tesla and Cadillac vehicles may share similar price points, Tesla’s best-selling models—the Model 3 and Model Y—are positioned more in the mainstream market compared to Cadillac’s luxury offerings. Cadillac’s goal this year is to become the top-selling luxury EV brand, a category that excludes Tesla but where some argue Tesla’s higher-end Model S and Model X could fit.
Franz expressed confidence in Cadillac’s trajectory, emphasizing that the comprehensive EV lineup positions the brand for success. With the introduction of the Vistiq completing its SUV offerings, Cadillac is aiming to become the number one tier-one luxury EV brand, capturing more of the growing electric vehicle market and appealing to customers who are seeking a premium, American-made alternative to Tesla.
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