Cadillac fans have been longing for a true flagship sedan for decades, and now they're about to get one, only it will cost significantly more than the brand's other vehicles.

The new sedan will go by the name Celestiq, and it will be a fully electric offering based on General Motors' Ultium platform. Cadillac has hinted that the Celestiq will start in the six figures, and The Wall Street Journal, citing people familiar with the matter, reported last week that the price tag will hover around $300,000. In other words, Bentley and Rolls-Royce territory.

Cadillac spokesperson Katie Minter told Motor Authority the automaker has no comment on Celestiq pricing or production volume at this time, noting more information would be released later this year.

While the reported price is expensive, the Celestiq will be more like a coach-built car than a regular production model. Cadillac said last week that it is investing $81 million in GM's sprawling Global Technical Center in Warren, Michigan, to support production of the Celestiq. The bulk of the funds will go toward equipment for low-volume production, such as 3D printers. Cadillac has said production will be limited to just 1.2 cars per day, meaning annual production will be well below 500 units.

Cadillac Celestiq teaser

Cadillac Celestiq teaser

Cadillac Celestiq teaser

Cadillac Celestiq teaser

Cadillac Celestiq teaser

Cadillac Celestiq teaser

Cadillac will reveal a near-production concept of the Celestiq in late July, but teaser shots released in recent days hint at what's to come. Rather than go the retro route with chrome and fin-like elements, the Celestiq will feature a clean, futuristic aesthetic similar to what you find on the Ultium-based Lyriq SUV introduced for the 2023 model year.

Production of the Celestiq is slated to start in late 2023.

The vehicle has been described as a big and bold fastback, and it's confirmed to feature high-tech gadgets like a four-panel glass roof that will enable the driver and passengers to individually set the level of transparency, as well as a dash-wide digital display with active elements that can darken part of the screen to help prevent driver distraction.

The Wall Street Journal's sources also claim the Celestiq will feature GM's upcoming Ultra Cruise autonomous driver-assist feature, which the automaker says will handle 95% of the country's roads, meaning many journeys won't require any actual driving by a human. Like the current Super Cruise system, Ultra Cruise will still require the driver to monitor things at all times and take action when necessary. Otherwise, it will shut down. This means it will still rank at Level 2 on the SAE scale of self-driving capability. To rank above Level 2, self-driving systems need to function in eyes-off mode.