GM - GM to Invest $81 Million to Build Cadillac Celestiq

General Motors (NYSE: GM) revealed plans to invest USD81 Million in its global design and technology campus located in suburban Detroit. The move comes as the automaker strives to hand build the upcoming Cadillac Celestiq, its new electric flagship vehicle, which will be manufactured in limited quantities.

The electric vehicle will share battery cells, motors, and other parts with the Cadillac Lyriq. Production for the Celestiq is expected to begin in late 2023, according to AutoForecast Solutions. The model will be the first production vehicle built at GM’s Global Technical Center since its inauguration in May of 1956.

“As Cadillac’s future flagship sedan, CELESTIQ signifies a new, resurgent era for the brand,” said Mark Reuss, president, General Motors.  “Each one will be hand-built by an amazing team of craftspeople on our historic Technical Center campus, and today’s investment announcement emphasizes our commitment to delivering a world-class Cadillac with nothing but the best in craftsmanship, design, engineering, and technology.”

The company is set to unveil the car next month. There will be a limited quantity of the vehicles produced each year and will cost USD200,000 or more per car, according to Cadillac President Steve Carlisle

Nevertheless, the automaker has refused to confirm production volumes or the exact start of production.

“If done properly, the Celestiq could become the kind of top-of-the-line model that used to make Cadillac the choice of celebrities and royalty,” said Sam Fiorani, AFS vice president of global vehicle forecasting.

The post GM to Invest $81 Million to Build Cadillac Celestiq first appeared on Financial Buzz .

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