March 9, 2020
The arrival of the all-electric future that General Motors Co.’s Mary Barra touted last week will have to wait because of the new coronavirus.
The automaker on Monday called off the early-April unveiling of the Cadillac Lyriq crossover, the first of several battery-powered models Barra has said will debut in the next few years. Worse yet, the boost GM shares got when she made the case the company can compete with Tesla Inc. was short-lived. The stock was hit hard by the virus-related market rout, falling the most since the carmaker’s November 2010 initial public offering.
Cadillac is reevaluating plans for rolling out the Lyriq now that it won’t be introduced at the canceled April 2 event in Los Angeles, according to a spokesman.
GM shares fell 14% to close at $24.69, the lowest since December 2012.