GM's Electric Charge - Cadillac Returns To European Market: Report

General Motors Company GM has reportedly revealed plans to reintroduce itself to the European market, commencing with the release of its all-electric Cadillac vehicles in Switzerland.

This move signifies the company's strategic pivot back to Europe since parting ways with the Opel and Vauxhall brands in 2017.

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As described in a company blog by GM's European lead, Jaclyn McQuaid, Switzerland will only be the beginning, following which, GM has sights set on expanding to five more European nations in the upcoming years, with Sweden and France being the immediate successors, reported Reuters.

Set to be the pioneer model for the Swiss market, the Cadillac Lyriq has the convenience factor for customers, emphasizing that the entire purchasing process can be executed online within mere minutes.

Lyriq will be tagged at an introductory price of 82,000 Swiss francs ($89,490), the report noted.

Data from August indicates that over 20% of newly sold cars within the European Union were completely electric.

As the demand skyrockets, the arena is seeing a surge in competition with the Chinese EV producers directing their focus on European clientele.

The report further noted China's Chery, ranked eighth in terms of sales volume in 2022, recently announcedtheir intention to introduce three car variants in Europe over the forthcoming two years. 

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Price Action: GM shares are trading lower by 2.64% at $30.21 on the last check Thursday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.