Cadillac to unveil the all-electric Escalade IQ in late 2023

General Motors today announced it will unveil an all-electric version of the Escalade later this year. It's called the Escalade IQ, which follows the same name scheme used by the rest of the Cadillac fleet of Lyriq, Celestiq, Mystiq, Vistiq and Lumistiq. Why the IQ at the end? Cadillac says "The IQ naming strategy celebrates Cadillac introducing a different type of EV to the market -- one that works in tandem with people's daily lives and environments." Okay, sure.

No other details about the upcoming vehicle were released, including vehicle features, electric range or pricing. Those details will likely be released later this year. Let's speculate!

The Escalade IQ will likely be built off the next generation Ultium platform, the same modular EV platform used in every modern GM EV from the sporty Blazer EV to the monstrous Hummer EV. Last week, General Motors' newly named president of North America, Rory Harvey, told the media the upcoming Silverado EV will feature a 450-mile range. There's a good chance the Escalade IQ will feature a similar range.

Don't expect a bargain. General Motors and Cadillac have shown recently it's able to price its vehicles at the top of their range. Cadillac's upcoming flagship EV sedan, the Celestiq, will start around $300,000, though will likely be less available and more exclusive than the Escalade IQ. The GMC Hummer EV often sells north of $150,000 (if you can find one). The same goes for the mid-engine Corvette C8, which technically starts at $65,000, but a lot are sold well above the window price, with some climbing north of $150,000.

Think the Escalade IQ will be too expensive for your budget? There will likely be a lower-cost alternative, too: The Chevy Suburban.

The current Cadillac Escalade and Chevrolet Suburban are nearly twins with similar capabilities and near-identical dimensions. That's by design. The Cadillac Escalade nameplate has been atop the Cadillac lineup since the late '90s. At the time, when gas was cheap and the market craved huge SUVs, General Motors saw an opportunity to print money. The automaker took its full-size SUVs, the Chevrolet Tahoe and Suburban, and upgraded the interior with better seats and softer leather and slapped the Cadillac crest on the tailgate. The result was a success, and it's been a top-seller since its debut. Now, with its Ultium platform, General Motors is likely to produce a luxury, full-size SUV (the Escalade IQ) and a pedestrian version in the Chevy Suburban.