General Motor Ups EV Game, Announces Cadillac Escalade IQ

General Motors Co GM plans to launch an all-electric version of its flagship Cadillac Escalade, Escalade IQ, later this year.
The Escalade IQ will join Cadillac's electric vehicle portfolio, which includes LYRIQ and the impending CELESTIQ model.
The move comes as a part of General Motors' plan to convert Cadillac into an electric vehicle brand by 2030.
A Cadillac spokeswoman declined to comment, and analysts expect the vehicle to go into production and on sale as soon as next year, as per CNBC.
GM target is to produce 50,000 vehicles by the end of H1 2023, aiming to double its EV production in the second half of the year.
The company is also investing $35 billion in EVs and autonomous vehicles (AVs) between 2020 and 2025. It plans to install 40,000 charging stations at its dealers across America and already has 1,000 dealers signed up to receive charging stations.
Also related: GM Finds A Way To Promote Cadillac EV On 'Tesla's Territory' In China
Price Action: GM shares are trading higher by 0.80% at $32.92 on last check Monday.