Cadillac Finally Has More Lyriq EVs, Offers Direct $7,500 Incentive

Welcome to a comprehensive exploration of the 2024 Cadillac Lyriq, the groundbreaking electric SUV that has been making waves in the automotive world. In this article, we delve into the recent developments in production, the impressive sales figures, and exclusive insights into the journey of the Lyriq. If you’ve been eagerly awaiting your chance to experience this marvel on wheels, read on for the latest updates that might just make your wait worthwhile.

Cadillac Lyriq Sales Milestones

Let’s dive into the sales performance of the Cadillac Lyriq, a crucial indicator of its reception in the market. In the U.S., the initial pace was admittedly slow, with only 86 units delivered in 2022. However, the narrative took a turn for the better in the latter part of 2023, culminating in approximately 9,000 units delivered by the year’s end. Notably, Vice President of Global Cadillac, John Roth, reveals that 3,800 units were delivered in the final quarter alone.

This surge in deliveries has propelled the Lyriq to the pinnacle of success, making it the best-selling electric compact luxury SUV in the U.S. The success story extends to China, where sales saw an impressive 60 percent increase. In January 2024, the Lyriq accounted for a remarkable 25 percent of GM’s EV sales in the U.S., showcasing a clear upward trajectory.

Exclusive Insights into Demand and Availability

John Roth attributes the recent success to the sustained demand for the Lyriq, coupled with improved inventory availability. The demand, always present, has found a fitting supply chain response, making the electric SUV more accessible to eager customers.

Financial Incentives: A Closer Look

While the Cadillac Lyriq does not currently qualify for the federal EV tax break under the revised Inflation Reduction Act, GM has introduced a compelling $7,500 incentive for most Lyriq versions. It’s important to note that the R7T model, existing inventory Lyriqs that do qualify for the federal rebate, and leased vehicles are excluded from this incentive.

As the Lyriq starts at $59,985 before any incentives, this incentive program adds an attractive dimension for potential buyers. GM continues to work towards making the Cadillac Lyriq and the Chevrolet Blazer EV SUVs eligible for the federal tax break in the near future, affirming its commitment to creating value for customers.

Navigating the Slow Rollout and Overcoming Challenges

The journey of the Cadillac Lyriq has been a testament to patience and perseverance. The slow rollout, intentional in part, aimed at ensuring a flawless introduction of a new product—Cadillac’s first-ever electric vehicle. Production commenced at the Spring Hill Assembly plant in Tennessee in March 2022, starting with the rear-drive model. A significant milestone was achieved a year later with the introduction of the all-wheel-drive model.

One critical aspect contributing to the initial production challenges was the sourcing of batteries from GM’s joint venture plant with LG Energy Solution at the Lordstown facility in Warren, Ohio. Reportedly, equipment shortages for module production led to a bottleneck in the production process.

GM’s Response to Challenges and Progress Update

Acknowledging the challenges faced, GM CEO Mary Barra expressed her frustration in December. Delays had led to some customers waiting up to a full year for their Lyriq orders. Interestingly, the Lyriq’s launch was expedited by nine months during the pandemic and semiconductor chip shortage, showcasing the dedication to bring this remarkable vehicle to market swiftly.

However, Barra assured that the production issues and module shortage were being actively addressed. True to her words, the January sales numbers already reflect a positive trend, indicating a rapid ramp-up in production for the new year. Notably, issues related to the stop-sale of the similar Chevy Blazer EV are not expected to impact Lyriq production.

The Exclusive Hand-Built Celestiq EVs

In a fascinating development, Cadillac has commenced the hand-building of Celestiq EVs for exclusive customers. Priced at $300,000+, these bespoke electric cars are a testament to Cadillac’s commitment to luxury and innovation. While specific order numbers remain confidential, the first deliveries are expected this year, offering a glimpse into a new era of personalized electric vehicles.