The electric vehicle luxury market has been heating up lately with several brands rolling out new models and trims to challenge Tesla (TSLA) -), which can tout its Model Y SUV not only as the best-selling vehicle in the world but also the best selling luxury vehicle worldwide.
Model Y became the world's best-selling car with about 267,200 vehicles sold in the first three months of the year ahead of Toyota, which sold 256,400 Corolla units. For a luxury vehicle, the Model Y also has a pretty good price at $40,240. Toyota's (TM) -) Corolla, however, doesn't check the boxes for a luxury vehicle.
DON'T MISS: Tesla unveils new prices and ranges of favorite electric vehicles
Acura
Brands are rolling out luxury EVs
Luxury brand Volvo (VLVLY) -) on July 25 debuted its newest and smallest SUV, the Volvo EX30, at a New York event and will begin taking orders for the vehicle in fall 2023. The Volvo EX30 will accelerate 0 to 60 mph in 3.4 seconds and have an estimated range up to 275 miles. The vehicle's starting price is $34,950, and deliveries are expected to begin in summer 2024.
General Motors' (GM) -) unveiled its new luxury vehicle, its all-new 2025 Cadillac Escalade IQ on Aug. 9. The vehicle is expected to have a range up to 450 miles with up to 750 horsepower. The price might take some people by surprise, starting at $130,000.
Acura enters the electric vehicle world
Honda Motor Company's (HMC) -) luxury affiliate Acura has been slow to join the electric vehicle frenzy, hinting for months that it would soon have an all-electric product to join the competition. The waiting has ended as Acura on Aug. 17 unveiled its first all-electric model at Monterey Car Week with two versions, the ZDX A-Spec single motor with 340 horsepower and a 325-mile range, and the ZDX Type S, with 500 horsepower and a 288-mile range, making it the most powerful Acura sports utility vehicle ever.
The Acura ZDX A-Spec will be offered in both single-motor, rear-wheel drive and dual motor all-wheel drive configurations and will have a starting price in the $60,000 range. The Acura ZDX Type S features a dual motor, all-wheel drive with a starting price in the $70,000 range. Presales will begin in late 2023 with deliveries expected in early 2024.
"As Acura moves into an exhilarating, electrified future, we will continue to push the forward-thinking design and proportions of our products as we take full advantage of the increased styling and packaging freedom EVs offer," Dave Marek, Acura executive creative director, said in a statement. "Embracing that creative liberation, our team was energized designing ZDX, Acura's new modern expression of performance."
The ZDX model features high-end materials, premium features and expansive intuitive technologies, including Acura's first integration of Google built-in for seamless on-the-go connectivity. ZDX vehicles will include standard apps like Google Assistant and Google Maps and Google Play to deliver a connected, personalized and more streamlined driving experience. Vehicles will also include Bang & Olufsen's in-vehicle audio system.
ZDX comes standard with AcuraWatch, a suite of safety and driver assistive technologies, including Acura’s first applications of Rear Cross Traffic Braking and Blind Zone Steering Assist.
The new AcuraWatch 360+ system for ZDX Type S introduces Hands Free Cruise driver assistance technology to the Acura lineup, enabling true hands-free driving on up to 400,000 miles of compatible roads, the statement said. ZDX Type S' AcuraWatch 360+ also features the first Automatic Parking Assist system in an Acura, which helps take the stress out of parallel parking.
