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Car division of General Motors (GM) Cadillac is soon to enter the newly emerged market of electric vehicles (EVs), with its own twist and tint. The new project of Cadillac dubbed as Celestiq is said to launch in upcoming years. With this said, it is anticipated that Cadillac, and General Motors for that matter, is all set to enter the non-orthodox EV market. The step is clearly expected to impact GM stock prices.
Celestiq has planned to launch the by the year 2024 which will be completely electric where its price is said to be over 300K USD. The vehicle is expected to pump the sentiments regarding the company and ultimately affect the GM stock.
Features including adaptive air suspension, rear steering, magnetic ride control, etc. will be there to enhance the car’s comfort and performance. GM previewed the Celestiq earlier this year. Physical attributions of the car were said by GM to remain around 18 ft in length and 7 ft in width. It would be serving 300 miles in single charge whereas performance would be 600 horsepower. It would be generating torque of 650 foot-pounds and it could attain 0 to 60 mph in 3.8 seconds.
On Monday, 17th October 2022, GM unveiled the car brand which will be competing within the segment of ultra-luxury cars like Bentley and Rolls-Royce.
GM VP Thinks of it More Than a Halo Car
Global vice president of Cadillac, Rory Harvey said the car to be a brand builder, more of a halo vehicle that will potentially elevate the perception towards the brand. The business case of the company has evolved in the past and it continues to evolve even now. However, it is not just about the car only while more about what it would potentially be doing for Cadillac as a brand and making efforts towards uplifting the other variants of Cadillac.
GM also has plans to produce just hundreds of Celestiq cars every year. It is given the capacity that allows it to build less than two vehicles per day only. The car is targeted to be sold all over the world, the United States and China would be their main and largest markets.
According to Harvey, the Celestiq will only be accessible upon request and will require “a hefty investment” to start the building process. According to GM, orders for the vehicle will start as early as later this year, and production will commence in December 2023. The impact on GM stock price would be a matter of time.
The Celestiq will be hand-built at GM’s innovation centre in suburban Detroit with an investment of $81 million, marking the first time the company would assemble a vehicle for commercial sales at its vast site in Warren, Michigan.
To balance ride comfort and performance, the automobile has technologies including adjustable air suspension, magnetic ride control, and rear steering. Additionally, 115 3D-printed parts are included, including the metal hub of the car’s steering wheel.
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