Conquest customers are a big deal for car dealers and automakers. Stealing buyers from other brands is one of the most rewarding sales a dealership can make, and Cadillac stores are finding that the Lyriq and Optiq are particularly good at bringing people to the brand.
General Motors announced that conquest rates for the Lyriq reached 75 percent, while the Optiq reached nearly 80 percent during the same period. Those numbers aren’t anywhere near the sales numbers put up by the Tesla Model Y, but Cadillac’s strong conquest rates likely mean that it’s grabbing many of Tesla’s customers. Cadillac has sold around 9,300 Lyriqs and almost 5,000 Optiqs so far this year, compared to the Model Y, which has moved many times those amounts.
Tesla sales have tumbled in recent months, but General Motors has picked up some of the slack. The Cadillac EVs are well positioned to grab Tesla buyers with comparable range numbers and more upscale interiors than the Model Y. Additionally, both the Lyriq and the Optiq qualify for federal EV tax credits, though the incentive will be going away soon, which could cut into GM’s growth rates. The automaker offers strong lease incentives and other deals that help with pricing, but numbers could become a problem for the Cadillac duo after tax credits fade.
[Images: Cadillac]
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