Will the Cadillac Lyriq Save the Company’s Image?
The Lyriq, an electrified Cadillac, could be the brand’s best bet to stay relevant and appeal to a younger clientele.
Cadillac
has long been one of the most recognizable luxury brands
in the U.S., but this favorite among classic car enthusiasts doesn’t have the same appeal when it comes to a younger audience. Cadillac has made a few previous attempts at targeting younger buyers to mixed results. The CTS-V, the CTS-V Blackwing, and the Escalade V have all been bids at updating the brand’s imaging and getting the attention of a younger crowd, but the new
electric Cadillac
Lyriq might be the first model that actually breaks through and revitalizes this brand’s image. Cadillac claimed that 68% of Lyriq buyers are Gen X or Millennials. While this is a slightly younger audience, Gen Xers are aging into their 60s while Millenials are coming to the age where they’re having families and making bigger investments. An electrified version of a car that already has great appeal to its target market could be just what Cadillac needs to push itself into a new era.
The Lyriq attracts first-time Cadillac customers
Perhaps the most interesting piece of all of the data that Cadillac presented on Lyriq’s appeal is that 70% of Lyriq buyers are new to Cadillac entirely. For the Lyriq to be what snags customers away from other brands gives it amazing potential to be what breaks Cadillac into a new market.
The modern, flashy design of the electric SUV stands out from the rest of Cadillac’s more conservative fleet. It’s also the most high-tech cabin Cadillac has ever made. While the emphasis on technology has driven away some of the brand’s older clientele, that’s exactly what they’re aiming for.
While it may seem like a long shot to say that the Lyriq is taking customers away from the likes of Tesla, BMW, or Mercedes-Benz, it seems like that’s exactly what’s happening with the breakthrough success of the Lyriq. It also seems notable that 30% of Lyriq customers are from the West Coast, a region where Cadillac is often outsold by other brands.
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