Cadillac’s electric vehicles are generating significant attention, sending shockwaves through the auto industry. The company says its $300,000 Cadillac Celestiq is already sold out through at least 2023.
Cadillac Celestiq sold out for at least 18 months
GM began transitioning Cadillac to an all-electric brand, starting with the Lyriq EV. The Cadillac Lyriq checks all the boxes with over 300 miles of real range, 190kW charging, and a price of around $60,000 (see our full review here).
The new Cadillac EV had drivers lining up at the door, selling out in under 19 minutes, showcasing the demand for luxury electric vehicles.
However, Cadillac has been calling its second EV, the Celestiq, its flagship electric vehicle with state-of-the-art features and driver experience. We knew the Cadillac Celestiq would be in the luxury segment, but GM revealed it would, in fact, be an ultra-luxury EV, hand-assembled in low volume.
Cadillac announced in October the price tag for the Celestiq would be upwards of $300,000, with personalized features that can run the price up further.
When General Motors revealed a new hand-built ultra-luxury electric vehicle from Cadillac, many questioned whether it would sell. Tony Roma, the chief engineer behind the Cadillac Celestiq, tellsAutoline that the brand’s $300K hand-built EV is already sold out for at least 18 months.
The Cadillac Celestiq will be the first production vehicle built by hand at the GM Global Technical Center in Michigan. While production is slated for December 2023, the ultra-luxury EV is only available by waitlist.
Electrek’s Take
A new electric vehicle release selling out sounds like a broken record at this point, but it’s significant (and telling) for Cadillac’s $300K to generate such high interest.
In China, the leading EV market globally, luxury electric vehicles from startups like Nio, Xpeng, and Tesla are gaining market shares from German ICE vehicles as EV adoption continues accelerating.
The auto industry’s transition is well underway, and drivers are increasingly switching to electric vehicles. Significant advancements over the past few years allow EVs to drive longer, charge faster, and have superior features to their gas-powered counterparts.
The only question people should be asking at this point is not the demand, but why manufacturers are not building more electric vehicles. Cadillac may need to hire additional hands to build its ultra-luxury EV as the demand is only expected to continue climbing from here.
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An Exxon gas station is seen in the Brooklyn borough of New York City on Oct. 6, 2023.
Michael M. Santiago | Getty Images
Exxon Mobil beat third-quarter earnings expectations, as the oil major reached its highest liquids production level in more than four decades.
Here is what Exxon reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
Earnings per share: $1.92 adjusted, vs. $1.88 per share expected.
Revenues: $90 billion, vs. $93.94 billion expected
The oil major booked net income of $8.61 billion in the quarter, or $1.92 per share, down about 5% compared to $9.1 billion, or $2.25 per share, in the year-ago period. Exxon’s profits have declined as refining margins and natural gas prices have pulled back from from historically high levels in 2023.
The company returned $9.8 billion to shareholders in the quarter and increased its fourth-quarter dividend to $0.99 per share.
Exxon said it has reached its high production level in more than 40 years at 3.2 million barrels per day.
The oil major’s stock rose about 1% in pre-market trading. Exxon shares have gained 16.8% this year.
This is a developing story. Please check back for updates.
Chevron beat third-quarter earnings and revenue expectations, returning a record amount of cash to shareholders.
Shares were up 2.6% in the premarket following the report’s release.
The oil major’s quarterly profit, however, declined substantially compared to the year-ago period due to lower margins on refined product sales, lower prices and the absence of favorable tax times.
Chevron is aiming to streamline its portfolio, with asset sales in Canada, Congo and Alaska expected to close in the fourth quarter of 2024. The company is also target $2 billion to $3 billion in cost reductions from 2024 through the end of 2026.
Here is what Chevron reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
Earnings per share: $2.51 adjusted, vs. $2.43 expected
Revenue: $50.67 billion, vs. $48.99 billion expected
Chevron’s net income came in at $4.49 billion, or $2.48 per share, down 31% from $6.53 billion, or $3.48 per share, in the third quarter of 2023. When adjusted for foreign currency impacts, the company reported earnings of $2.51 per share, solidly topping Wall Street’s expectations for the quarter.
Chevron booked revenues of $50.67 billion, also beating Street expectations but declining 6% from the $54.1 billion reported in the third quarter last year.
The oil major returned a record $7.7 billion to shareholders in the quarter, including $4.7 billion in share buybacks and $2.9 billion in dividends.
Chevron produced 3.36 million oil-equivalent barrels per day in the quarter, a 7% increase over the third quarter of 2023, driven by record output in the Permian Basin.
Chevron’s stock is largely flat for the year, underperforming the S&P 500 energy sector which has gained more than 6%. Shares have struggled to gain ground as uncertainty looms over the company’s pending $53 billion acquisition of Hess.
The Federal Trade Commission has cleared the deal, though it prohibited John Hess from joining Chevron’s board.
Chevron remains locked in a dispute with Exxon Mobil, which is claiming a right of first refusal over Hess Corp.’s lucrative oil assets in Guyana. If an arbitration court rules in Exxon’s favor, Chevron’s acquisition of Hess would fail to close.
ZEEKR EV cars are displayed at the 45th Bangkok International Motor Show in Bangkok, Thailand, March 25, 2024.
Chalinee Thirasupa | Reuters
Chinese electric carmaker Zeekr said Thursday its deliveries surged by 92% in October from a year ago, helping the company clock its best month at 25,049 vehicles.
The company has reportedlysaid that it expects to deliver 230,000 cars in 2024. With only two months left in the calendar year, that means Zeekr needs to deliver more than 31,000 cars in November and December each.
The Geely-backed automaker began deliveries of its new five-seat SUV Zeekr Mix on Oct. 23.
Xpeng also beat its personal best for a second straight month, delivering 23,917 vehicles in October. The deliveries included the company’s mass-market car, Mona M03, accounting for over 10,000 units.
Xpeng launched Mona M03 in late August with prices starting at $16,812.
Li Auto, whose cars mostly come with a fuel tank to extend the battery’s driving range, delivered 51,443 cars, slightly lower than its record month in September.
BYD and Aito had not yet released their October deliveries as of Friday afternoon.
Earlier in the week, Chinese smartphone and home appliance company Xiaomi said it delivered more than 20,000 electric vehicles in October.
The company only launched its first car — the SU7 — in late March.
Xiaomi aims to deliver 100,000 electric cars by the end of November. The company has delivered more than 75,000 cars as of October.