General Motors Co (NYSE: GM)’s electric crossover Cadillac Lyriq has drawn 233,000 expressions of interest from buyers, Reuters reported on Tuesday, citing a company executive.
What Happened: GM is anticipating an over 10% conversion to orders for the Lyriq, which it plans to begin shipping to customers in a few months.
Cadillac production would start at a plant in Tennessee on Monday, as reported separately by CNBC, and the company would officially open the order bank on May 19.
Why It Matters: GM in January announced it had started pre-production on the Lyriq EV crossover nine months ahead of schedule from its Spring Hill facility.
The automaker has set an ambitious target to launch 30 new electric vehicle models by 2025. At least 20 of those models will be available in North America with GM brands such as Cadillac, Buick, GMC, and Chevrolet, and cover all price ranges.
The legacy automaker is pumping in $35 billion through 2025 to develop electric and autonomous vehicles.
Price Action: GM stock closed 3.2% higher at $42.13 a share on Tuesday.
Photo courtesy: Cadillac
