There's been a rise in Tesla owners switching over to Cadillac EVs, exec says

Cadillac 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.Artur Widak/NurPhotoCadillac 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

Comments

Business News

Bill Ackman’s Pershing Square bought Amazon stake at ‘extremely attractive’ price

Newyork Post

Borrowing costs soar on global debt jitters: Reeves on rack over UK spending spree as Trump's tax cuts are 'playing with fire'

about 2 hours ago

Trump fright for bonds: President risks having a Liz Truss moment, says ALEX BRUMMER

Dailymail

Comments

Business News

Bill Ackman’s Pershing Square bought Amazon stake at ‘extremely attractive’ price

Turn garden into a holiday, our Sun Gardening editor explains how to create zones

Shoppers go wild for new ‘mystery flavour’ of popular sweet in Sainsbury’s

How women can get started in taxi jobs or bouncer roles… and save Britain’s nightlife

Breaking: Bitcoin Pizza Day Celebrates Crypto’s Historic Moment

Netflix’s ‘KPop Demon Hunters’ Releases Their Trailer And Poster

While Pulisic Gets A Rest, USMNT Will Need To Get Creative In Gold Cup

Turkish Accessory Brand Serena Uziyel Opens Store In Manhattan

World’s Second-Biggest Airport Retailer Makes South African Breakthrough

Space Superiority: Why The Space Force Must Lead In AI Warfare

Lisa Matches BTS In A Major Chart Feat

Google Passed The ‘Will Smith Eating Spaghetti’ Test

Nominations Open For America’s Top Lawyers 2025

Johnson Matthey shares soar as the chemicals giant announces the sale of its technologies business

Return to office boosts fortunes at British Land amid fears WFM is stifling productivity and career progression

Easyjet eyes record profits as travellers shrug off economic woes to book summer holidays

Borrowing costs soar on global debt jitters: Reeves on rack over UK spending spree as Trump's tax cuts are 'playing with fire'

Trump fright for bonds: President risks having a Liz Truss moment, says ALEX BRUMMER

41 celebrities who have been open about their sobriety

Legaltech unicorn Harvey has agreed to spend $150 million on Azure over two years, an internal memo shows

Hinge Health just broke open the digital health IPO market. Here's who's getting rich.

The rise of OpenAI's billionaire CEO, Sam Altman

White House says Trump wants to primary Republicans who voted against the 'Big Beautiful Bill'

OpenAI forges deal with iPhone designer Jony Ive to make AI-enabled devices

G7 Finance Ministers Show Unity in Support of Ukraine Against Russia

Fewer study and work visas lead to halving in net migration in the U.K. in 2024

A wave of new owners brings fresh energy to independent bookselling

Fictional fiction: A newspaper's summer book list recommends nonexistent books. Blame AI

FDA panel debates COVID vaccine recipe as questions swirl about fall shots

April home sales slow with high mortgage rates, prices, putting chill into spring buying season

Stocks drift as worries about the U.S. government's soaring debt continue to weigh

High school graduates eagerly eye skilled trade jobs as AI reshapes job market

Filings for jobless aid, a proxy for layoffs, inch down modestly last week as uncertainty lingers

U.S. Mint moves forward with plans to kill the penny

April home sales slow with high mortgage rates, prices, putting chill into spring buying season

EU foreign policy chief calls on Serbia to make a 'strategic choice' between West and East

Mercedes-Benz will establish its North American HQ in Georgia, moving hundreds of jobs

Amid technical glitches, California's e-bike incentive program promises to be ready for new applicants

Tinder CEO steps down after less than 2 years in latest shakeup amid activist pressure

Walmart to cut about 1,500 corporate jobs

Trump ‘very seriously’ weighs taking Fannie Mae, Freddie Mac public after years of government control

Morrisons is making major change to all UK stores with new ‘premium’ offers for shoppers

Three genius ways to save on ice lollies as prices and temperatures rise

How rising inflation impacts your mortgage and savings

Manny Pacquiao Opens As Significant Betting Underdog To Mario Barrios

Harvard Barred From Enrolling International Students By Trump Administration

Son Suk-Ku And Kim Da-Mi Gather Clues In K-Drama ‘Nine Puzzles’

Critics’ Score Drops For ‘Mission: Impossible - The Final Reckoning’

Texas Moves To Ban Hemp Products But Approves Psychedelic Research

UFC Champ Jon Jones Says ‘I Don’t Know If I Wanna Call It Retired...’

Small Biz Owners Are Becoming Influencers And Content Creators– Just Ask TikTok

‘Summer Of 69’ Star Sam Morelos On Bringing Abby Flores To Life

Trump’s Policy Bill Still Faces These Hurdles—As Senate Republicans Voice Debt And Medicaid Concerns

Baldoni Vs. Lively Feud: Taylor Swift Subpoena Withdrawn By Baldoni’s Legal Team

NBA Announces All-Defensive Teams For 2024-25 Season

X Outage: Thousands Of Users Report Issues With Social Media Site

Everything We Know About OpenAI’s $6.5 Billion Purchase Of Jony Ive’s Io

How The NBA MVP Award Reflects Team Success And Emerging Leadership

Why Knicks Vs. Pacers Game 1 Did Not Disappoint

Judge slams Diddy's lawyer for asking Kid Cudi if he actually slept with Cassie