Whenever automobile enthusiasts think of luxury vehicles, many of the iconic car brands come to mind. People often envision Rolls-Royce, Bentley, Porsche, Lamborghini, Ferrari and Maserati when considering luxury cars. Jaguar, Mercedes-Benz, BMW and Volvo also come to mind.

Since Tesla rolled out its first vehicle, the Roadster, in 2008, it has been considered a luxury automobile company. It has added more luxury models over the past 15 years, including the Model X large luxury SUV and the Model S Plaid.

When it comes to luxury automobiles, electric vehicle industry leader Tesla was the top seller of luxury models in 2022 with 484,351 sold after overtaking BMW, which was the No. 1 seller of luxury cars in 2021, according to Statista.

BMW was No.2 with 327,930 luxury vehicles sold in 2022 and Mercedes-Benz was No.3 with 269,510 cars sold. Tesla is likely to maintain its hold on the title of top luxury car seller in 2023, since it says it’s on target to sell about 500,000 more vehicles this year than last on its way to its goal of 1.8 million vehicles sold. Tesla sold about 1.31 million vehicles in 2022.

Tesla will get more competition from General Motors’ (GM) – Get Free Report luxury division Cadillac, which has plans to roll out new electric models over the next year. Its current lineup of EVs includes the 2024 Lyriq compact SUV, which has a manufacturer’s suggested retail price of $58,590. The Lyriq has an all-wheel drive range of 307 miles and rear-wheel drive range of 314 miles.

Earlier this year, GM launched a price reduction campaign to try to compete against Tesla, BYD (BYDDY) and NIO (NIO) – Get Free Report and other luxury EV makers in China, as it recently cut the Cadillac Lyriq EV prices by 14% from a starting price of about $60,730 to $52,443.