Luxury car enthusiasts, buckle up! Cadillac, the posh division of General Motors, is cranking up the production of its sleek Lyriq electric SUV. Why the buzz? Well, it’s got everything to do with easier access to batteries and an insatiable appetite for luxury EVs.
Battery Woes No More: The Turning Point
Picture this: Lyriq production was stuttering due to pesky battery module assembly issues. Frustrating, right? But here’s the twist – those assembly problems are now in the rearview mirror. With the bottleneck gone, Cadillac is all set to rev up production.
John Roth’s Positive Vibes: Demand on the Rise
Meet John Roth, the Cadillac global vice president, who’s buzzing with positivity. He spills the beans: “Luxury is on another level with EVs. And get this – a whopping 60% of luxury car enthusiasts are eyeing their next ride to be an EV.” That’s a big deal. It’s a sign that the Lyriq is hitting the sweet spot of demand.
Lyriq’s Lineup: More Than Just a Pretty Face
Now, let’s talk numbers. The Lyriq, with its lowest-priced rear-wheel-drive version starting at a cool $58,590 and a sportier variant kicking in at $63,190, is clearly making a statement. This isn’t just about going electric; it’s about doing it in style.
Sales Surge: Lyriq Steals the Show
In 2023, a staggering 9,154 Lyriqs found new homes, a meteoric rise from the mere 122 in 2022. The fourth quarter alone witnessed 3,820 units driving off the lots. Sure, the Lyriq faced some sales headwinds, sharing the stage with the CT4. But guess what? It still clinched the title of the second-most sold GM EV, right behind the Chevrolet Bolt EV/EUV.
Lyriq and the Federal EV Tax Credit Drama
Here’s the kicker: Lyriq lost its eligibility for the federal EV tax credit of $7,500 from the start of 2024. But hold on – it’s not what it seems. GM spilled the beans that a tiny component snagged the eligibility. Fear not, they’ve got a plan. By early 2024, they’re set to source the right components and bounce back into the tax credit game.
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