New Cadillac EV Optiq promises more affordable luxury

Cadillac is ready to launch its latest electric vehicle - and the hope is to offer a more affordable luxury option to customers with big expectations from the brand.

The latest offering is the all-electric Optiq from Cadillac.

"This will be for a younger buyer, someone who is a little more tech-forward, and wants a sporty look,  a sporty drive," said Patrick Nally, Optiq product manager.

The Optiq is about six inches smaller than it's sibling the Cadillac Lyriq, which is also an all-electric vehicle currently on the market.

The Optiq price tag starts at $54,000 and is built with sustainability in mind, using recycled materials as opposed to leather. But according to the automaker, performance has not been sacrificed.

The all-electric Cadillac Optiq

The all-electric Cadillac Optiq

"This vehicle has been engineered to be a fun drive, really dynamic, stiff and sturdy in the corners, but also smooth and easygoing on the highway," Nally said.

It includes a 33-inch display screen and an estimated range of about 300 miles on a full charge. Those behind the Optiq are expecting big things.

The all-electric Cadillac Optiq

The all-electric Cadillac Optiq

"We are expecting to have more interest than we are going to be able to supply at first," he said. "We are expecting to ramp up and meet that demand by the end of this year and into next year."

The Cadillac Optiq will go on sale in the late fall.

The all-electric Cadillac Optiq

The all-electric Cadillac Optiq