GM to unveil an all-electric Cadillac Escalade later in 2023

General Motors Co said on Monday that it would unveil an all-electric variant of its flagship Cadillac Escalade later in 2023.

The new SUV will be named Escalade IQ, GM said.

The Cadillac Escalade IQ is expected to utilize the US auto maker’s Ultium battery cells, motors and technologies, which GM employs to power and support its next-generation electric vehicles.

According to a report by Automotive News, industry experts anticipate the new SUV to go into production and on sale as soon as 2024.

GM has said it intends to completely convert Cadillac into an electric vehicle brand by the end of the decade.

The shares of General Motors Company (GM) closed 0.61% ($0.20) higher at $32.86 in New York on Monday, as they reversed a loss from the prior trading session.

The auto maker’s total market cap now stands at $45.679 billion.

The shares of General Motors Company went down 42.62% in 2022, compared with a 19.44% loss for the benchmark index, S&P 500 (SPX).

The company’s shares have retreated 2.32% so far this year.