2014 Cadillac Elr on 2040-cars

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Cadillac sells out Lyriq Debut Edition reservations in 10 minutes

Cadillac opened reservations for the 2023 Lyriq Debut Edition electric crossover at 4 p.m. EDT on Saturday afternoon. Anyone could put down a refundable $100 to reserve a buying slot for Cadillac's limited-run first salvo at the brand's all-EV future. At 4:19 p.m., the automaker tweeted that "every Debut Edition has been reserved." According to GM Vice President Rory Harvey, the process took "just over" 10 minutes. First, we'll say "Congratulations!" to Cadillac. Then we'll say: We have no idea what the news means. See, Cadillac has declined to say how many reservations it made available and how many Debut Editions it's building.  We don't know why the crest and wreath brand is being so coy, but we can imagine at least one reason. GM and Cadillac can attract such wild reactions that unless the Lyriq booked an absurdly large number of reservations in an absurdly short time, both brands were going to get flayed by comparisons to other EV makers. Still, since Cadillac's playing the long game with this entire transition to EVs, we wish it had placed its neck gracefully in the guillotine anyway.  The Lyriq Debut Edition that no one can buy anymore unless reservation holders bow out comes with a 100.4-kWh battery pack, a single e-motor on the rear axle putting out 340 horsepower and 325 pound-feet of torque for a range claimed to be "more than 300 miles," a glass roof, 19-speaker AKG audio, heated steering wheel, and 20-inch wheels standard, 22-inchers optional. The only two colors available are Satin Steel Metallic and Stellar Black Metallic. Tech features include adaptive cruise control, HD Surround and Vision recorder, rear camera mirror, and, of course, the 33-inch curved display across the instrument panel. First deliveries for the rakish $59,990 CUV are expected in early 2022. The next order slots will open for standard Lyriq trims in summer 2022. Based on Cadillac's Twitter feed, quite a few internet users wanted to reserve Debut Edition cars but were prevented from doing so. If first reports from the early deliveries are positive, Cadillac might hold onto last weekend's demand until next summer. And not only will the brand have a widely available new vehicle then, it will have a new consumer look. Last year, Cadillac told its dealers what they would need to do with their stores to prepare for the EV era, including spending around $200,000 on EV infrastructure and tools.

Your guide to vehicle subscription services

They might be extremely limited in scope because of location availability, but vehicle subscription services are a growing trend that most luxury manufacturers are jumping on. Plans are expensive, but you're paying for much more than just the car typically. We highlighted four of the larger plans with a few more listed at the end. Care by Volvo Volvo launched its subscription service last year with its brand-new XC40. It was the only vehicle available for a time, but subscribers can now get an S60 sedan as well. Subscriptions are for two years, with the monthly price including insurance, a concierge service, wear-and-tear item replacements and all maintenance. You'll be able to drive 15,000 miles per year with whichever Volvo you choose, and although there are no options to extend that mileage, you can swap cars after a year. Pricing for the XC40 is $650 per month in base trim, while an S60 can be as expensive as $850 for the R-Design. Volvo's plan is to offer more cars soon through the service, but it's relatively limited compared to others right now. Porsche Passport Porsche has two levels in its subscription service: Launch and Accelerate. Launch will cost $2,000 per month and give you access to the Cayman, Boxster, Macan and Cayenne. All of those but the Cayenne can be had in "S" trim as well. Accelerate is where the fun really starts. For $3,000 per month you can choose from a fleet of 911s, including the S, 4S, Cabriolet and Cabriolet S. If those aren't enough, you can also get the Panamera 4S, Macan GTS and Cayenne S. There are no mileage limits and you can change vehicles as often as you'd like. Also included in the price is insurance, repairs, detailing and any maintenance. It might be extremely expensive and limited to Atlanta only, but this subscription service is second-to-none for what you get. Audi Select Audi just launched its subscription car service, and it's offered in one version for a flat fee of $1,395 per month. For that you'll have access to five different cars including the A4, S5 Coupe, A5 Cabriolet, Q5, and Q7. Not a bad range of vehicles, but it would've been neat to see the recently updated A7 in there too. Maybe in time. Like the others, insurance and maintenance are wrapped up in the price. Audi is allowing for unlimited miles and two car swaps per month here. In addition to that, you'll get two days of free rentals through Audi's Silvercar rental agency should you go on a trip.

Frustrated GM investors ask what more Mary Barra can do

DETROIT — General Motors Co Chief Executive Mary Barra has transformed the No. 1 U.S. automaker in her almost five years in charge, but that is still not enough to satisfy investors. Ahead of third-quarter results due on Oct. 31, GM shares are trading about 6 percent below the $33 per share price at which they launched in 2010 in a post-bankruptcy initial public offering. The Detroit carmaker's stock is down 22 percent since Barra took over in January 2014. After hitting an all-time high of $46.48 on Oct. 24, 2017, the shares have declined 33 percent. In the same period, the Standard & Poor's 500 index has climbed 7.8 percent. Several shareholders contacted by Reuters said GM could face a third major action by activist shareholders in less than four years if the share price does not improve. "I've been expecting it," said John Levin, chairman of Levin Capital Strategies. "It just seems a tempting morsel to somebody." Levin's firm owns more than seven million GM shares. Barra has guided the company through the settlement of a federal criminal probe of a mishandled safety recall, sold off money-losing European operations, and returned $25 billion to shareholders through dividends and stock buybacks from 2012 through 2017. GM declined to comment for this story, but the company's executives privately express frustration with the market's reluctance to see it as anything more than a manufacturer tied mainly to auto market sales cycles. GM's profitable North American truck and SUV business and its money-making China operations are valued at just $14 billion, excluding the value of GM's stake in its $14.6 billion Cruise automated vehicle business and its cash reserves from its $44 billion market capitalization. The recent slump in the Chinese market, GM's largest, and plateauing U.S. demand are ratcheting up the pressure. GM is one of the few global automakers without a founding family or a government to serve as a bulwark against corporate raiders. In 2015, a group led by investor Harry Wilson pressed GM to launch a $5 billion share buyback, and commit to what is now an $18 billion ceiling on the level of cash the company would hold. In 2017, GM fended off a call by hedge fund manager David Einhorn to split its common stock shares into two classes. Einhorn, whose firm still owned more than 21 million shares at the end of June, declined to comment about GM's stock price. Other investors said there were no clear alternatives to Barra's approach.