Cadillac's flagship sedan, the Celestic, expected to cost about $300,000.

Cadillac fans have been waiting for a true flagship sedan for decades, and now they are about to get it.

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

Cadillac spokeswoman Katie Minter told Motor Authority that the company has no comment on the Celestic's price or production volume at this time, and that more details will be released later this year.

While the reported price is expensive, the Celestic will be closer to a coachbuilt car than a regular production model. Cadillac announced last week that it will invest $81 million in GM's sprawling Global Technical Center in Warren, Michigan, to support production of the Celestic. The bulk of the funds will go toward equipment for low-volume production, including a 3D printer. Cadillac has announced that it will limit production to just 1.2 cars per day, which would put annual production well below 500 cars.

Cadillac plans to unveil a near-production concept of the Celestiq in late July, but teaser shots released in recent days hint at what is to come: the Celestiq will not go the retro route with elements like chrome and fins, but rather the 2023 model will feature a clean, futuristic aesthetic similar to that seen on Lyriq, the Ultium-based SUV to be introduced in the ear.

Production of the Celestic is expected to begin in late 2023.

The vehicle is described as a big, bold fastback, with a four-panel glass roof with individual transparency settings for the driver and passengers, and a dash-wide digital display with active elements that can dim part of the screen to prevent driver distraction. The car is confirmed to be equipped with high-tech gadgets.

According to sources at the Wall Street Journal, the Celestic will be equipped with GM's upcoming "Ultra Cruise" autonomous driving assist feature. Like the current Super Cruise system, Ultra Cruise will require the driver to constantly monitor the situation and take action when necessary. Otherwise, it will stop. In other words, it will still be ranked Level 2 on SAE's automated driving capability scale. To rank above Level 2, the automated driving system must function in eyes-off mode.