The Cadillac XT5 is aging fast and the luxury automaker is busy preparing the second-generation model. Launched for the 2017 model year and refreshed last year, the XT5 has remained a popular model ever since but the competition has increased considerably, such as the new Genesis GV70. Crossovers and SUVs are significant moneymakers for Cadillac and it can't afford any mistakes with its compact offering.

And now, GM Authority claims it has information regarding the upcoming second-generation model, due for 2023. First and foremost, the next XT5 will not be going all-electric; that task has already been assigned to the Lyriq. Instead, the 2023 XT5 will ride on an updated version of the current C1 platform, very appropriately called C1-2.

Equally important, the vehicle will incorporate the new Global B electrical system that will work better with GM's latest technologies, specifically Super Cruise. Design-wise, expect a complete restyling inside and out. The interior in particular is a major focus with improved materials and fit and finish.

The report made no mention of the XT5 potentially receiving the Escalade's 38-inch curved OLED screen or even a smaller version, but we wouldn't be surprised to see this happen. Less dramatic changes will happen under the hood, however. The turbocharged 2.0-liter inline-four with 237 horsepower and 258 lb-ft of torque, the current base engine, will be carried over.

The optional engine will either be the familiar 3.6-liter V6 or the new turbocharged 2.7-liter inline-four. A nine-speed automatic will be the sole transmission and all-wheel drive will be optional once again. It should be noted that in light of GM's recent announcement it will phase out combustion-engined vehicles entirely by 2035, there is a chance the next XT5 could be Cadillac's final ICE-powered all-new model.

In the very near future, there simply won't be any need for Cadillac to offer both the XT5 and Lyriq, and it's obvious which one will be sacrificed.