While General Motors' overall electric vehicle sales in 2023 were mixed, the shining star was undoubtedly the Cadillac Lyriq. This luxury crossover, built on GM's Ultium platform, secured the coveted title of second best-selling EV in the US, a testament to its appeal and potential.
However, the road wasn't entirely smooth. Initial production challenges with the Ultium platform meant the Lyriq couldn't qualify for the federal EV tax credit, a significant hurdle in a market heavily influenced by price. To address this, GM offered a $7,500 discount, effectively bridging the gap for early adopters. This offer will continue until the first tax credit-eligible Lyriqs hit the market, at which point the price will return to its original MSRP of $58,590.
Despite the price bump, Cadillac isn't resting on its laurels. They're continuously improving the Lyriq, with updates to key features like the Super Cruise driver-assistance system and adaptive cruise control availability. This commitment to refinement is crucial to maintain its competitive edge against established players like the Mercedes EQE CUV, BMW iX, and Audi Q8 e-tron.
While the Lyriq's 2023 sales of 9,154 units were impressive, it wasn't enough to top the charts. The BMW iX, Audi Q4 e-tron, Mercedes EQB, and even the new Toyota bZ4X outsold it. However, with production ramping up and continuous improvements, 2024 could be a year of significant growth for the Cadillac Lyriq. Its blend of luxury, performance, and technology, coupled with GM's commitment to the EV market, makes it a force to be reckoned with in the increasingly crowded luxury EV segment.
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