Cadillac unveils its new entry-level EV due to launch in 2024

• The US carmaker Cadillac is expanding its electric vehicle portfolio. 
• The company has announced a new, more affordable model called Optiq, due for release next year. 
• GM, which owns Cadillac, plans to become a fully electric company by 2035. 

Cadillac has announced that it will be adding a new model, named Optiq, to its portfolio of electric vehicles.

The company, which is owned by General Motors, said that it will "act as the entry point" for buyers and that it offers "spirited driving dynamics."

Further details will be unveiled next year, the company said in a press release.

Optiq, which will be Cadillac's fourth electric car, is being pitched as a more accessible model, and it is expected to come in at a lower price point than the Lyriq, which is currently their cheapest offering at $58,590.

At the upper end of the brand are the $130,000 2025 Escalade IQ SUV and the $340,000 Celestiq sedan.

The announcement comes as General Motors continues to ramp up electric vehicle production across all its major brands, including Chevrolet, Buick, and GMC.

In 2021, the US automaker announced an ambitious plan to embrace an electric future and stop selling all non-electric vehicles by 2035. However, supply chain issues and battery cell production have delayed their progress.

Recent strikes led by the United Auto Workers (UAW) were in part related to the risk of job losses caused by GM's electrification strategy.

The strikes, which were held in September and October of this year, cost General Motors $200 million a week, the BBC reported.

EV demand has plateaued in the US auto market this year, as the wave of early-adopters dies out and the electric vehicles remain too expensive for the average buyer.

EVs accounted for 9% of all sales through September 2023.

"No matter what claim somebody can make about the long-term ownership cost of a vehicle, if the entry point is $45,000-plus, that's still steep," Vince Sheehy, a car dealer in the Washington, D.C. area, previously told Business Insider.