Latest news with #BradFranz
The Drive
30-07-2025
- Automotive
- The Drive
Cadillac's Having Its Best Moment In Nearly 20 Years
The latest car news, reviews, and features. It only took multiple decades, but Cadillac just might be back to setting the bar for others as sales skyrocket and enticing product hits showrooms. In Seattle, Washington at the launch of the 2026 Lyriq-V Cadillac's Global Marketing Director Brad Franz said the first half of the year has been the automaker's best in nearly 20 years. The numbers speak for themselves. Retail sales are up 19% calendar year to date. Sales of V-Series models are at a record high. Retail sales are up in all 50 states year-over-year, and 26 states are up over 25%. Sales in California are up 16%. Part of that is due to Cadillac's EV push. Earlier in July Cadillac said it still sees EVs as critical despite the disappearing incentives. The automaker believes demand for its luxury EVs will weather the storm of uncertain markets. The data supports this with Franz reporting EV penetration of 23% so far in 2025. Franz said the Lyriq and Optiq are now number one in their segment (though which competitors fall in those segments wasn't discussed). But those sales are coming at the expense of the competition with Lyriq checking in with a conquest rate of 71% and Optiq at 71%. These models are bringing new customers to the Cadillac showroom. To date, Franz said Cadillac's sold over 60,000 Lyriqs in the last three years, though most of those deliveries took place in the last two years as production ramped up. GM is quickly listening to consumer and online feedback and making immediate updates to its products including fixing the Lyriq's undignified charge port door operation. While EV sales are helping bring fresh blood to Cadillac showrooms, the automaker's gas-powered lineup is having its own moment. Joel Feder The V-Series has finally taken hold and buyers are trending younger than the average Cadillac buyer, according to Franz. The performance sub-brand is also bringing money into the showroom with V-Series owners trending more affluent, and more likely to be male. Cadillac has abandoned its plan to have a fully electric lineup within five years, but new EVs are still launching on time as originally planned. The shift is not whether the automaker is moving away from its EV plans, rather it just won't kill the gas-powered cars. The 2026 Lyriq-V launches in the coming weeks and marks the first electric V-Series model. The three-row Vistiq is now in dealers alongside the smaller Optiq. And an Optiq-V is coming to further expand the electric V-Series lineup. Cadillac's been busy just building its brand cache. The automaker is back at the 24 Hours of Le Mans, it's entering Formula 1, and it now sells a hand-built $340,000 EV. The cache and EV play seem to be working out for Cadillac. Got a tip? Reach out to us at tips@
Yahoo
23-05-2025
- Automotive
- Yahoo
There's been a rise in Tesla owners switching over to Cadillac EVs, exec says
Cadillac said it's seeing a rise in Tesla owners switching to its Lyriq EV models. Cadillac has expanded its EV lineup, and California registrations have increased by 60% year over year. The automaker's growth comes as Tesla had a tough first quarter and experienced declining registrations in multiple markets. Cadillac appears to be eating into Tesla's customer base. The automaker told Business Insider it's seen a rise in Tesla owners switching to its EV brand. The company said its EVs have a conquest rate of about 75% — or the percentage of sales coming from customers switching brands — with 10% being former Tesla owners. Cadillac told BI its first EV model, the Lyriq, launched in 2022 and is seeing a roughly 80% conquest rate, with 25% of buyers coming over from Tesla. At a recent event showcasing its Vistiq model, Cadillac's director of global marketing, Brad Franz, told CNBC the company has seen "a good jump" in the rate and that General Motors' luxury vehicle division has "always had good interaction with Tesla customers," with the Lyriq conquest rate of Tesla owners ranging from 10% to 15%. Franz told CNBC that the figure is now on the rise as the car brand expanded its luxury EV lineup, and it sees potential for even greater growth. Cadillac has added three additional EVs to its portfolio in the past 6 months, including the Escalade IQ, Optiq, and Vistiq. Cadillac told BI it's not targeting any brand specifically and its mission is to "build great Cadillacs" that capture buyers based on the quality of its products and delivery on brand promise. The luxury brand reported a 21% increase in retail sales, with its EV segment up 37% in the first quarter of the year. In California, a crucial market for EVs that's often seen as a bellwether state for the broader market, industry data shows Cadillac registrations jumped about 60% year over year, rising from 1,000 to 1,609 in the first quarter of 2025. Tesla, which remains the EV market leader in the US by a large margin, has seen its sales decline recently in several countries. The same data shows that Tesla registrations decreased 15% year-over-year in California, although its Model Y and Model 3 remain the top two selling EVs in the state, and the Model Y continues to be the best-selling car overall. Tesla did not respond to a request for comment from Business Insider. The rise in Cadillac EV ownership comes as Tesla faces a rocky start to the year. The EV giant fell short of revenue expectations in the first quarter, reporting a 9% year-over-year decline. Tesla's automotive revenue dropped 20% year over year, and the company backed away from its 2025 "return to growth" forecast for its auto business. Tesla reported first-quarter deliveries numbers below analyst expectations and 13% lower than the same period last year. Tesla CFO Vaibhav Taneja said in the company's earnings call last month that the assembly line changeover for the refreshed Model Y impacted delivery numbers. Anti-Tesla hostility also "had an impact in certain markets," he added. Following months of boycott efforts aimed at Tesla, the automaker and SpaceX both saw declines in brand reputation, according to the Axios Harris Poll 100. Tesla dropped to 95th place, a decrease from its ranking in 63rd place last year and eighth place in 2021. Other automakers scored higher on the list compared to Tesla, with Ford landing at 60th and Volkswagen Group at 53rd. Amid continued political backlash against Elon Musk and a challenging EV landscape, Cox Automotive data from April reveals Tesla's used-car sales volume rose 27% month-over-month, meaning that more Tesla owners are trying to sell their vehicles. The surge boosted its share of the used EV market to 47%, according to Cox Automotive's data. Musk said in a recent interview at the Qatar Economic Forum that while the company has "lost some sales, perhaps on the left," Tesla also gained sales from the right. "The sales numbers at this point are strong, and we see no problem with demand," Musk said, adding that the stock price is the best indicator of where the company stands. Despite Tesla stock plummeting over 50% in March and being down 10% year-to-date, the automaker's share price is up 43% this month as the billionaire has taken a step back from his DOGE involvement. While Tesla sales continue to drop in Europe, which Musk described in the forum as its weakest market, the automaker has seen some positive momentum. Cox Automotive data shows that Tesla was among the few manufacturers reporting month-over-month growth in EV sales. Tesla's market share increased by over 3% in April, according to the data, driven by 25,231 sales of the Model Y. Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
23-05-2025
- Automotive
- Yahoo
There's been a rise in Tesla owners switching over to Cadillac EVs, exec says
Cadillac said it's seeing a rise in Tesla owners switching to its Lyriq EV models. Cadillac has expanded its EV lineup, and California registrations have increased by 60% year over year. The automaker's growth comes as Tesla had a tough first quarter and experienced declining registrations in multiple markets. Cadillac appears to be eating into Tesla's customer base. The automaker told Business Insider it's seen a rise in Tesla owners switching to its EV brand. The company said its EVs have a conquest rate of about 75% — or the percentage of sales coming from customers switching brands — with 10% being former Tesla owners. Cadillac told BI its first EV model, the Lyriq, launched in 2022 and is seeing a roughly 80% conquest rate, with 25% of buyers coming over from Tesla. At a recent event showcasing its Vistiq model, Cadillac's director of global marketing, Brad Franz, told CNBC the company has seen "a good jump" in the rate and that General Motors' luxury vehicle division has "always had good interaction with Tesla customers," with the Lyriq conquest rate of Tesla owners ranging from 10% to 15%. Franz told CNBC that the figure is now on the rise as the car brand expanded its luxury EV lineup, and it sees potential for even greater growth. Cadillac has added three additional EVs to its portfolio in the past 6 months, including the Escalade IQ, Optiq, and Vistiq. Cadillac told BI it's not targeting any brand specifically and its mission is to "build great Cadillacs" that capture buyers based on the quality of its products and delivery on brand promise. The luxury brand reported a 21% increase in retail sales, with its EV segment up 37% in the first quarter of the year. In California, a crucial market for EVs that's often seen as a bellwether state for the broader market, industry data shows Cadillac registrations jumped about 60% year over year, rising from 1,000 to 1,609 in the first quarter of 2025. Tesla, which remains the EV market leader in the US by a large margin, has seen its sales decline recently in several countries. The same data shows that Tesla registrations decreased 15% year-over-year in California, although its Model Y and Model 3 remain the top two selling EVs in the state, and the Model Y continues to be the best-selling car overall. Tesla did not respond to a request for comment from Business Insider. The rise in Cadillac EV ownership comes as Tesla faces a rocky start to the year. The EV giant fell short of revenue expectations in the first quarter, reporting a 9% year-over-year decline. Tesla's automotive revenue dropped 20% year over year, and the company backed away from its 2025 "return to growth" forecast for its auto business. Tesla reported first-quarter deliveries numbers below analyst expectations and 13% lower than the same period last year. Tesla CFO Vaibhav Taneja said in the company's earnings call last month that the assembly line changeover for the refreshed Model Y impacted delivery numbers. Anti-Tesla hostility also "had an impact in certain markets," he added. Following months of boycott efforts aimed at Tesla, the automaker and SpaceX both saw declines in brand reputation, according to the Axios Harris Poll 100. Tesla dropped to 95th place, a decrease from its ranking in 63rd place last year and eighth place in 2021. Other automakers scored higher on the list compared to Tesla, with Ford landing at 60th and Volkswagen Group at 53rd. Amid continued political backlash against Elon Musk and a challenging EV landscape, Cox Automotive data from April reveals Tesla's used-car sales volume rose 27% month-over-month, meaning that more Tesla owners are trying to sell their vehicles. The surge boosted its share of the used EV market to 47%, according to Cox Automotive's data. Musk said in a recent interview at the Qatar Economic Forum that while the company has "lost some sales, perhaps on the left," Tesla also gained sales from the right. "The sales numbers at this point are strong, and we see no problem with demand," Musk said, adding that the stock price is the best indicator of where the company stands. Despite Tesla stock plummeting over 50% in March and being down 10% year-to-date, the automaker's share price is up 43% this month as the billionaire has taken a step back from his DOGE involvement. While Tesla sales continue to drop in Europe, which Musk described in the forum as its weakest market, the automaker has seen some positive momentum. Cox Automotive data shows that Tesla was among the few manufacturers reporting month-over-month growth in EV sales. Tesla's market share increased by over 3% in April, according to the data, driven by 25,231 sales of the Model Y. Read the original article on Business Insider Sign in to access your portfolio
Yahoo
23-05-2025
- Automotive
- Yahoo
There's been a rise in Tesla owners switching over to Cadillac EVs, exec says
Cadillac said it's seeing a rise in Tesla owners switching to its Lyriq EV models. Cadillac has expanded its EV lineup, and California registrations have increased by 60% year over year. The automaker's growth comes as Tesla had a tough first quarter and experienced declining registrations in multiple markets. Cadillac appears to be eating into Tesla's customer base. The automaker told Business Insider it's seen a rise in Tesla owners switching to its EV brand. The company said its EVs have a conquest rate of about 75% — or the percentage of sales coming from customers switching brands — with 10% being former Tesla owners. Cadillac told BI its first EV model, the Lyriq, launched in 2022 and is seeing a roughly 80% conquest rate, with 25% of buyers coming over from Tesla. At a recent event showcasing its Vistiq model, Cadillac's director of global marketing, Brad Franz, told CNBC the company has seen "a good jump" in the rate and that General Motors' luxury vehicle division has "always had good interaction with Tesla customers," with the Lyriq conquest rate of Tesla owners ranging from 10% to 15%. Franz told CNBC that the figure is now on the rise as the car brand expanded its luxury EV lineup, and it sees potential for even greater growth. Cadillac has added three additional EVs to its portfolio in the past 6 months, including the Escalade IQ, Optiq, and Vistiq. Cadillac told BI it's not targeting any brand specifically and its mission is to "build great Cadillacs" that capture buyers based on the quality of its products and delivery on brand promise. The luxury brand reported a 21% increase in retail sales, with its EV segment up 37% in the first quarter of the year. In California, a crucial market for EVs that's often seen as a bellwether state for the broader market, industry data shows Cadillac registrations jumped about 60% year over year, rising from 1,000 to 1,609 in the first quarter of 2025. Tesla, which remains the EV market leader in the US by a large margin, has seen its sales decline recently in several countries. The same data shows that Tesla registrations decreased 15% year-over-year in California, although its Model Y and Model 3 remain the top two selling EVs in the state, and the Model Y continues to be the best-selling car overall. Tesla did not respond to a request for comment from Business Insider. The rise in Cadillac EV ownership comes as Tesla faces a rocky start to the year. The EV giant fell short of revenue expectations in the first quarter, reporting a 9% year-over-year decline. Tesla's automotive revenue dropped 20% year over year, and the company backed away from its 2025 "return to growth" forecast for its auto business. Tesla reported first-quarter deliveries numbers below analyst expectations and 13% lower than the same period last year. Tesla CFO Vaibhav Taneja said in the company's earnings call last month that the assembly line changeover for the refreshed Model Y impacted delivery numbers. Anti-Tesla hostility also "had an impact in certain markets," he added. Following months of boycott efforts aimed at Tesla, the automaker and SpaceX both saw declines in brand reputation, according to the Axios Harris Poll 100. Tesla dropped to 95th place, a decrease from its ranking in 63rd place last year and eighth place in 2021. Other automakers scored higher on the list compared to Tesla, with Ford landing at 60th and Volkswagen Group at 53rd. Amid continued political backlash against Elon Musk and a challenging EV landscape, Cox Automotive data from April reveals Tesla's used-car sales volume rose 27% month-over-month, meaning that more Tesla owners are trying to sell their vehicles. The surge boosted its share of the used EV market to 47%, according to Cox Automotive's data. Musk said in a recent interview at the Qatar Economic Forum that while the company has "lost some sales, perhaps on the left," Tesla also gained sales from the right. "The sales numbers at this point are strong, and we see no problem with demand," Musk said, adding that the stock price is the best indicator of where the company stands. Despite Tesla stock plummeting over 50% in March and being down 10% year-to-date, the automaker's share price is up 43% this month as the billionaire has taken a step back from his DOGE involvement. While Tesla sales continue to drop in Europe, which Musk described in the forum as its weakest market, the automaker has seen some positive momentum. Cox Automotive data shows that Tesla was among the few manufacturers reporting month-over-month growth in EV sales. Tesla's market share increased by over 3% in April, according to the data, driven by 25,231 sales of the Model Y. Read the original article on Business Insider Sign in to access your portfolio
Business Insider
22-05-2025
- Automotive
- Business Insider
There's been a rise in Tesla owners switching over to Cadillac EVs, exec says
Cadillac appears to be eating into Tesla's customer base. The automaker told Business Insider it's seen a rise in Tesla owners switching to its EV brand. The company said its EVs have a conquest rate of about 75% — or the percentage of sales coming from customers switching brands — with 10% being former Tesla owners. Cadillac told BI its first EV model, the Lyriq, launched in 2022 and is seeing a roughly 80% conquest rate, with 25% of buyers coming over from Tesla. At a recent event showcasing its Vistiq model, Cadillac's director of global marketing, Brad Franz, told CNBC the company has seen "a good jump" in the rate and that General Motors' luxury vehicle division has "always had good interaction with Tesla customers," with the Lyriq conquest rate of Tesla owners ranging from 10% to 15%. Franz told CNBC that the figure is now on the rise as the car brand expanded its luxury EV lineup, and it sees potential for even greater growth. Cadillac has added three additional EVs to its portfolio in the past 6 months, including the Escalade IQ, Optiq, and Vistiq. Cadillac told BI it's not targeting any brand specifically and its mission is to "build great Cadillacs" that capture buyers based on the quality of its products and delivery on brand promise. The luxury brand reported a 21% increase in retail sales, with its EV segment up 37% in the first quarter of the year. In California, a crucial market for EVs that's often seen as a bellwether state for the broader market, data from California's Auto Outlook shows Cadillac registrations in the state jumped about 60% year over year, rising from 1,000 to 1,609. The same data shows that Tesla registrations decreased 15% year-over-year in California, although its Model Y and Model 3 remain the top two selling EVs in the state. Tesla's Model Y is also leading as the best-selling car overall. Tesla did not respond to a request for comment from Business Insider. The rise in Cadillac EV ownership comes as Tesla faces a rocky start to the year. The EV giant fell short of revenue expectations in the first quarter, reporting a 9% year-over-year decline. Tesla's automotive revenue dropped 20% year over year, and the company backed away from its 2025 "return to growth" forecast for its auto business. Tesla has also experienced declining delivery rates in a number of countries, and reported first-quarter deliveries numbers below analyst expectations and 13% lower than the same period last year. Tesla CFO Vaibhav Taneja said in the company's earnings call last month that the assembly line changeover for the refreshed Model Y impacted delivery numbers. Anti-Tesla hostility also "had an impact in certain markets," he added. Following months of boycott efforts aimed at Tesla, the automaker and SpaceX both saw declines in brand reputation, according to the Axios Harris Poll 100. Tesla dropped to 95th place, a decrease from its ranking in 63rd place last year and eighth place in 2021. Other automakers scored higher on the list compared to Tesla, with Ford landing at 60th and Volkswagen Group at 53rd. Amid continued political backlash against Elon Musk and a challenging EV landscape, Cox Automotive data from April reveals Tesla's used-car sales volume rose 27% month-over-month, meaning that more Tesla owners are trying to sell their vehicles. The surge boosted its share of the used EV market to 47%, according to Cox Automotive's data. Musk said in a recent interview at the Qatar Economic Forum that while the company has "lost some sales, perhaps on the left," Tesla also gained sales from the right. "The sales numbers at this point are strong, and we see no problem with demand," Musk said, adding that the stock price is the best indicator of where the company stands. Despite Tesla stock plummeting over 50% in March and being down 10% year-to-date, the automaker's share price is up 43% this month as the billionaire has taken a step back from his DOGE involvement. While Tesla sales continue to drop in Europe, which Musk described in the forum as its weakest market, the automaker has seen some positive momentum. Cox Automotive data shows that Tesla was among the few manufacturers reporting month-over-month growth in EV sales. Tesla's market share increased by over 3% in April, according to the data, driven by 25,231 sales of the Model Y.
