Detroit - Cadillac's expanding lineup of all-electric vehicles has attracted notable new buyers of U.S. luxury brands, including this year's growth in Tesla owners' deals in its electric vehicles.
GM Brands reported that nearly 8 of every 10 customers who buy Cadillac electric cars are new to Cadillac, with about 10% of them trading on Tesla. This includes about 25% of customers who traded Cadillac Lelick SUVs this year, from about 10% to 15% from previous levels.
"We see opportunities to raise Tesla's conquering rates," Brad Franz, director of global marketing at Cadillac, told CNBC at the event for the Vistiq three-row SUV.
That increase in customer conquesting, as the industry referers to it, comes as Cadillac offers a relatively full lineup of EVs and as Tesla faces declining sales and boycotts this year amid CEO Elon Musk's support of President Donald Trump and his actions as part of the so-called Department of Government Efficiency, or DOGE.
Cadillac refused to speculate whether Musk's politics played the ideas of Tesla owners, saying the automaker was "building the great Cadillacs that are conquering customers from other brands with the merits of their products."
Cadillac's current EV series includes an entry-level crossover called the Optiq, mid-size Lyriq SUV, Vistiq, Escalade IQ iQ full-size SUV, and soon a $300,000 Bespoke Celestiq Car. It also offers performance for Lyriq and a larger version of Escalade IQ.
“The portfolio is key,” Franz said. "We've been interacting well with Tesla customers, but in the past, this has been in the 10% to 15% range (for Lyriq). So of course, we're seeing a good growth in conquest rates."
Cadillac has some luck tempting Tesla owners, but there is still room for improvement.
According to Edmunds.com, in the past six months, no Tesla vehicles have entered the top ten. The consumer car research and data company reports that Cadillac's top vehicles on its website are largely other Cadillac electric vehicles, as well as other domestic nameplates.
This may be the reason why Tesla owners aren't actually trying to find a new vehicle, but rather a new vehicle, said Joseph Yoon, a consumer insight analyst at Edmunds.
"People are leaving Tesla cars now, and in my opinion, they have made a very intentional choice to get rid of this car," he said. "If your priority is to get rid of Tesla as soon as possible, then technically, they are not crossing Tesla for their next car."
Yoon said vehicles from the same brand often go through mutual investment banks, which are added from their websites, rather than representing dealers’ transactions.
Edmunds reported on top inter-shopping vehicles for Cadillac Lyriq, the brand’s head of electric vehicle sales, are Cadillac Optiq, Acura ZDX, Ford Mustang Mach-E and BMW 1X. Following closely behind are Kia EV9 and Chevrolet blazers and vernal equinox electric cars.
For Tesla models, Edmunds reports cross-shopping searches for the top consumers of other Tesla models as well as many Honda, Hyundai and Kia vehicles. The Chevrolet Equinox EV, GMC Hummer EV and Ford Mustang Mach-E also depend on the model.
Yoon also noted that while Tesla and Cadillac may offer vehicles at similar prices, Tesla's best-selling models (Model 3 and Model Y) are more mainstream than luxury goods.
Cadillac aims to be the best-selling luxury electric car brand this year, not including Tesla, although there is a valid argument that the Model S and X Model X are luxury cars.
"Cadillac is leading with our EV lineup," Franz said at the Vistiq event. "We are really ready to succeed. We will adopt this portfolio as Vistiq is rounding up the SUV portfolio and becoming the first, first-tier EV luxury brand."