General Motors becomes the first car company to release a luxury electric car as it unveils an electric Cadillac model on Wednesday at the North American International Auto Show in Detroit.
The 2014 Cadillac ELR uses the same technology that has made GM's Chevrolet Volt such a success, according to USA Today
. The new Caddy uses plug-in electricity and has a gas back-up engine, the same setup that makes the Volt popular among green drivers and standard commuters alike. In 2012, sales of the Volt tripled over the year before, according to The Christian Science Monitor.
Unlike the Volt's relatively modest price tag of $39,995, the luxury coupe is sure be on the higher end, given all the luxe gear on board — including leather seats, 20-inch wheels, and sophisticated LED lighting — and the vehicle will be heavier, meaning it also won't be as efficient with electricity use the Volt. The Volt's mileage is about 35 miles of pure-electric driving, if it's plugged in overnight. Then the gas engine kicks in.
"ELR is an unprecedented combination of luxury, advanced engineering, and progressive design in a coupe that is both sporty and environmentally friendly," Bob Ferguson, Cadillac global vice president, said in a statement. "This is a pivotal moment in Cadillac's history, as we continue our product-driven expansion."
GM went bankrupt in 2008 and halted the development of new car models, but that's changed this year. General Motors also unveiled a new Stingray model of its classic Corvette
at the Detroit Auto Show.
GM hopes to continue a slow fiscal renewal, after a two-year loss of revenue that left company stock in a slump last year. Even with the spike in Volt sales, GM fell short of its 2012 sales target. Despite this, GM is expected this year to surpass 20,000 new jobs since its bailout and bankruptcy restructuring of 2009, according to the Detroit Free Press.
The company was rescued from financial disaster by the economic stimulus package of 2008, a $13.4 billion government assistance package.
© 2014 Newsmax. All rights reserved.