General Motors Co (NYSE:GM) President Mark Reuss said on Thursday the automaker has begun making the pre-production Cadillac Lyriq EV crossover nine months ahead of schedule from its Spring Hill facility.
What Happened: Reuss revealed the details in a LinkedIn post, a professional networking site, adding that the Detroit, Michigan-based legacy automaker is now planning to begin shipping the vehicles to customers in a few months.
“Our teams have worked tirelessly on the LYRIQ, bringing the launch up nine months ahead of schedule and working in parallel to convert the plant and start production,” said Reuss.
“This is an important proof point in our path to EV leadership as we introduce more high-volume EVs across price points and lifestyles.”
See Also: GM Raises 5-Year EV Investment Target To $35B, Following In Ford's Footsteps
Why It Matters: 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.
This will be a big step-up for the legacy rival, which has recently begun selling the expensive and the iconic Hummer’s electric variant and has found itself mired in mega recalls with the Chevy Bolt and the Chevy Bolt EUV.
Earlier this month, GM CEO Mary Barra launched the electric version of its most popular and profitable full-size pickup truck Silverado that would go on sale next year.
The Silverado electric truck is expected to compete with Ford Motor Co (NYSE:F)’s F-150 Lightning.
See Also: GM Unveils The Iconic Silverado In Electric Avatar To Take On Ford, Tesla: Pricing, Range And More
GM, which was dethroned as the largest automaker in the U.S. in 2021 by Toyota Motor Corp (NYSE:TM), plans to switch 40% of the company’s U.S. volume to battery electric vehicles by the end of 2025.
The legacy automaker is pumping in $35 billion through 2025 to develop electric and autonomous vehicles.
Price Action: GM shares closed 2.83% lower at $54.6 a share on Thursday.
Photo: Courtesy of GM
