Cadillac is beginning production for its first-ever electric vehicle which is called Lyriq. As the electric era is ramping up, General Motors is investing heavily in this area. They said they are going to spend upwards of $35 billion towards producing 30 new electric vehicles globally over the next few years.
They have already spent $2 billion building their Spring Hill, Tennessee, manufacturing complex which will be making an array of electric vehicles including the Lyriq. Demand for the car has already exceeded expectations which is forcing Cadillac to invest more in the development of the vehicle, so customers can be able to get it as early as possible.
Electric vehicles have grown in leaps and bounds over the last few years thanks mainly to Tesla and other automakers. One of the main things affecting the creation and deliverability of electric vehicles this year is the supply chain shortage. This has been affecting technologies that are reliant on semiconductors and batteries.
Innovation within the battery market is also yielding good results as GM’s models will be based around the Ultim battery platform. This will help GM scale its battery-electric operations and reduce costs due to the architecture that it’s built around.
GM is at a pretty comfortable spot within the automaker industry, as they have both the experience and resources at their disposal to build vehicles on both sides of the market which includes electric and gas.
As the electric vehicle market grows in the long term, they can easily transition their operation over to that market and go all in.
