More Tesla Owners Are Switching To Cadillac EVs As Elon Musk's EV Giant Faces Turbulent Times
Cadillac is seeing a rise in EV adoption among Tesla owners, with 10% of new Cadillac customers switching from Tesla. The Cadillac Lyriq has an 80% conquest rate, and the brand reported a 21% increase in retail sales and a 37% increase in EV sales for Q1 2025. This growth contrasts with declining sales for Tesla in various markets, although Tesla still holds over 43% of the U.S. EV market share. The shift comes amid criticism of Tesla's leadership and as the company prepares for its Robotaxi launch.
General Motors Co.'s GM luxury subsidiary, Cadillac, is experiencing increased adoption of its EVs among Tesla Inc. TSLA owners.
What Happened: Cadillac says that 75% of the customers buying Cadillacs are switching over from other manufacturers, with 10% of those being Tesla owners, Business Insider reported on Thursday.
An executive cited in the report suggested that Cadillac's maiden EV model, Lyriq, has a conquest rate of 80%, with 25% of the owners switching over from Tesla. Cadillac saw a 21% increase in retail sales and a 37% jump in EV sales for Q1 2025.
Interestingly, data from CNCDA, or California New Car Dealers Association, showcased the luxury automaker experiencing a 60.9% YoY increase in sales in California.
Why It Matters: Cadillac's surge coincides with a decline in sales for Elon Musk's EV giant in multiple markets, including Europe. However, the company still boasts a healthy lead over its rivals in sales, holding over 43% of the U.S. domestic EV market share.
Musk's company has been on the receiving end of criticism for Musk's continued endorsement of right-wing political ideals as well as his close association with the Trump administration and DOGE. His views have led to Tesla being on the receiving end of vandalism.
The surge also comes in as Tesla is gearing up for the Robotaxi launch next month in Austin, which Musk says could have over 1,000 autonomous vehicles on the road in the coming months.
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