Cadillac to take on Bentley and Rolls-Royce with $300,000 luxury electric sedan, report says

• Cadillac's luxury electric sedan will cost at least $300,000, insiders told The WSJ.
• General Motors will make 500 Celestiqs a year to showcase its technology, sources said.

Cadillac's new luxury electric sedan is expected to cost about $300,000, making it as expensive as vehicles from the likes of Bentley and Rolls-Royce, The Wall Street Journal reported.

General Motors is expected to reveal a prototype of the Celestiq later this summer and price it far higher than other models in its range.

Sources told The Journal that GM would make just 500 cars a year, heightening its exclusivity while showcasing its technology. The Celestiq could generate annual revenues of up to $150 million.

According to The Journal, the new model will have a low profile, a glass roof and four-wheel steering. It is also expected to feature the latest version of GM's assisted-driving system called Ultra Cruise.

A $300,000 price tag would make the Celestiq, which is set to go into production in late 2023, more than $100,000 more expensive than any widely available EV on the market, according to a list compiled by InsideEVs in February.

It is more in line with a list of luxury EVs compiled by Interesting Engineering, such as the $250,000 Founders Series Tesla Roadster. Reservations for the car, which reopened in April, require a $50,000 deposit.

The likely cost of the Celestiq is about three times that of Cadillac's Escalade SUV, which has proved popular with celebrities and athletes.

GM has pledged to phase out gas-powered light vehicles by 2035, and in January announced a $7 billion investment in its EV production in its Michigan plant, creating 4,000 jobs.

Cadillac recently launched its first EV, a mid-size SUV called the Lyriq, and will only produce EVs by 2030.

GM didn't immediately respond to Insider's request for comment made outside normal working hours.