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Amid growing competition in China’s booming EV market, General Motors looks to introduce a new Cadillac electric SUV option, that’s expected to have a cheaper starting price than the Lyriq.

GM files for new cheaper Cadillac electric SUV

The automaker filed the new electric SUV under the name Cadillac Optiq, according to China’s Ministry of Industry and Information Technology’s (MIIT) latest catalog of models that will be allowed to be sold (via CnEVPost) in the region.

The document shows the new electric SUV will be smaller than the Cadilllac Lyriq, its first all-electric vehicle introduced in China.

It’s expected to be 4,822 mm (15.8 ft) long, 1912 mm (6.2 ft) wide, either 1,642 mm (5.4 ft) or 1,644 mm tall, with a wheelbase of 2,915 mm (9.5 ft).

The Optiq will be slightly smaller compared to the Cadillac Lyriq that’s 4,996 mm (16.4 ft) long, 2,207 mm wide (7.2 ft), 1,623mm (5.3 ft) tall, with a wheelbase of 3,094 mm (10.1 ft).

Cadillac’s new electric SUV is likely to target a cheaper starting price to stay competitive in China’s EV market.

The Cadillac Optiq will come in two single-motor versions with either 150 kW or 180 kW maximum power. In addition, the electric SUV’s battery packs will be from a joint benture between China’s CATL and SAIC (whom GM has a joint venture with in the region).

According to the report, the new cheaper Cadillac electric SUV will be built at SAIC-GM’s facility in Wuhan, China.

GM-EV-sales-Q2
2024 Cadillac Lyriq models (Source: GM)

The news comes days after GM announced it was slashing prices of the Lyriq EV in China earlier this week after selling just over 900 Lyriq models in the first three months of the year.

GM cut Lyriq prices by nearly 14%, from a starting price of 439,700 yuan ($60,730) to 379,700 yuan ($52,443) as EV makers like BYD, Tesla, and NIO continue to take share of the market.

Cadillac opened orders of its first all-electric SUV in China last June starting at 479,900 yuan ($67.2K). A wave of price cuts, initiated by Tesla earlier this year, has caused mamy automakers in the region to follow suit.

For example, EV maker NIO and Volkswagen both recently revealed they would lower prices to maintain competitiveness in the region.

Electrek’s Take

A smaller, cheaper all-electric SUV may be the right move for Cadillac. The EV market in China continues to get more competitive with new entrants and drastic price cuts, putting pressure on many legacy automakers.

With options like the BYD Yuan Plus, starting at 134,000 yuan ($18,500), with up to 510 km (317 miles), automakers are having a tough time staying competitive on cost.

BYD sold over 26,000 Yuan Plus models in May alone, compared to Cadillac, Buick, and Chevrolet delivering a total of 7,503 new energy vehicles this past month.

The only question I have is, when will GM bring the EVs to the states? GM and its joint venture partners have unveiled several all electric models or concepts that could make an impression in the US.

Buick has launched two Ultium-based electric SUVs and teased a new “Proxima” design concept while Cadillac China is now getting a smaller, cheaper electric SUV.

A smaller, lower-priced Cadillac EV would likely find a market in the US. In the states, GM is launching three Ultium-based EVs by the end of the year including the Silverado EV, Equinox EV, and Blazer EV.

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Offshore driller Transocean plunges after offering shares at a discount

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Offshore driller Transocean plunges after offering shares at a discount

Transocean Barents, an oil platform passes through Canakkale Strait as vessel traffic suspended in both directions in Canakkale, Turkiye on November 12, 2024.

Enishan Keskin | Anadolu | Getty Images

Shares of Transocean plunged Thursday after the offshore driller announced the sale of a large number of shares at a discount.

Transocean is planning to sell 125 million shares at a price of $3.05, significantly lower than Wednesday’s close of $3.64. It is offering 25 million shares more than it originally planned.

The Swiss company’s stock was last down 14.8% premarket. The offering is expected to close on Friday.

Transocean expects to book about $381 million from the sale. It will use the proceeds to pay off debt.

(Correction: Updates with correct share offering price.)

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NYC’s new 15 MPH speed limit for e-bikes goes into effect next month, but cars still get a pass

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NYC’s new 15 MPH speed limit for e-bikes goes into effect next month, but cars still get a pass

New York City’s new 15 mph speed limit for electric bikes is officially set to take effect next month, in what city officials claim is a move to improve street safety. But not everyone is convinced the crackdown is targeting the real threat on the roads.

The new limit, approved earlier this year, applies to e-bikes, mopeds, and other micromobility vehicles operating in city bike lanes. Riders caught exceeding 15 mph could face warnings or citations, though the exact enforcement strategy remains murky. The NYPD says it will focus on “education first,” but given the city’s track record, that could just be the calm before the ticket storm.

The rule comes amid growing concerns from some residents and officials about rising speeds among e-bike riders, especially delivery workers who often rely on throttle-equipped bikes to meet tight deadlines. But while the new speed cap is aimed at micromobility vehicles, there’s a noticeable omission: cars, trucks, and SUVs, which continue to be allowed to travel at 25 mph – and in practice, often much faster – even though they pose exponentially more risk to vulnerable road users and are responsible for orders of magnitude more deaths each year.

It’s a move that raises eyebrows and has resulted in thousands of publicly-submitted comments that the New York Department of Transportation has seemingly ignored.

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After all, the majority of traffic fatalities in New York City don’t involve e-bikes. They involve cars. And while some e-bike riders certainly ride irresponsibly, the blanket limit nearly cuts in half the more widely accepted e-bike speed limits used around the US, and doesn’t even apply to pedal bikes, which can easily exceed such speeds despite nearly identical average weights when factoring in the vehicle and rider. Not to mention, it ignores the critical role that e-bikes play in reducing traffic congestion and emissions, especially in the delivery and commuting sectors.

So while New York is slowing down its most efficient and sustainable form of urban transport, it’s letting the real heavyweights keep their speed. If the goal is safety, then it’s fair to ask: why aren’t cars being asked to go 15 mph too?

Because once again, it seems the rules are written for the powerful – not the vulnerable.

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Tesla is now buying ads on Elon Musk’s X to get people to vote for his $1 trillion compensation

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Tesla is now buying ads on Elon Musk's X to get people to vote for his  trillion compensation

Tesla is now buying advertising on Elon Musk’s X (formerly Twitter) to get Tesla shareholders to vote for his CEO compensation package worth up to $1 trillion in stock options.

Tesla, under Elon Musk’s leadership, has famously been against advertising. The CEO is even on the record saying that he “hates advertising” and that “other companies spend money on advertising and manipulating public opinion, Tesla focuses on the product.”

However, that was before he acquired Twitter, now X, which relies heavily on advertising.

After that, he started to push Tesla to do some advertising, but the company quickly stopped or greatly reduced its advertising efforts.

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We reported that Tesla’s advertising effort picked back up last week, starting with a few Google ads to encourage Tesla shareholders to vote for Musk’s new unprecedented CEO compensation package worth up to $1 trillion.

The automaker is in a full-on marketing blitz to convince shareholders to vote for the package and to allow Tesla to issue more shares in exchange.

Now, Tesla is even buying social media ads to push shareholders to vote for Musk’s compensation package and they are even buying ads on Musk’s privately owned platform, X:

They are also buying ads on Instagram, Facebook, and Reddit.

As we previously reported, Tesla’s board has claimed that voting for the compensation package will determine the future of Tesla.

Musk went even further and linked his compensation package to the future of the world.

Earlier today, the CEO claimed that his compensation plan is not about money, but about control over Tesla:

It’s not about “compensation”, but about me having enough influence over Tesla to ensure safety if we build millions of robots. If I can just get kicked out in the future by activist shareholder advisory firms who don’t even own Tesla shares themselves, I’m not comfortable with that future.

The CEO previously threatened Tesla shareholders not to build AI products at Tesla, despite claiming they were critical to the company’s future, if he doesn’t get 25% control over the company.

Electrek’s Take

The CEO of a publicly traded company threatens shareholders to gain control over the company and uses company funds to purchase ads that benefit his privately held company, with the goal of persuading the shareholders of the publicly traded company to give him more money.

If that’s not late-stage capitalism, I don’t know what is.

Also, I know I won’t shock anyone here, but Elon is lying about this not being about money.

If he wants to increase his percentage of Tesla shares, he could do exactly what his friend Larry Ellison did with Oracle and do long-term buybacks. It would benefit everyone, but it’s not what he wants. He wants the shiny new stock options.

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