Some say Tesla started a price war in the EV segment, and now GM is following Ford by following suit.
While General Motors prepares its future flood of more affordable EVs, it’s currently selling much pricier options, such as the GMC Hummer EV pickup truck and the Cadillac Lyriq SUV. The Lyriq came to market with a relatively high price tag, though it wasn’t much more expensive than many rival electric crossovers, and a new entry-level trim for 2024 makes it slightly more affordable.
According to Cadillac, all 2023 Lyriq production is sold out. If you’re considering the electric SUV, you’ll have to consult with your local dealer about details surrounding the 2024 model, which are still slim at this point. Autoblog writes that Cadillac has an updated page for the Lyriq online, but there isn’t any new information about the 2024 version, and you can’t even reserve one at this time.
Gallery: 2023 Cadillac Lyriq First Drive
In December, we alerted you that the upcoming 2024 Lyriq would arrive with a base price of “around $60,000.” More recently, based on details published by GM Authority, we’ve learned that the new entry-level “Tech” trim will start at $58,590. For comparison, the 2023 base model carried a starting price of $62,990.
As far as the 2023 model is concerned, the entry-level option was the “Luxury RWD,” and it seems that for 2024, the Luxury trim’s starting price remains unchanged, or at least within a few hundred dollars of the 2023 price. However, for 2024, the Luxury RWD model is now a step up from the base option, meaning the entry-level “Tech RWD” version comes with fewer features and options.
Now that Tesla lowered the prices of every EV and trim level in its lineup, rivals have a tough decision to make. You can buy the most popular electric SUV on the planet, the Tesla Model Y, for about $13,000 less than you could before the recent price cuts, and about $20,000 less if you factor in the $7,500 tax credit.
Ford already reduced the price of its Mustang Mach-E, which is one of the Model Y’s top rivals, but the price cuts aren’t as dramatic as Tesla’s. Now it appears GM will follow suit with the Lyriq, which competes with the Model Y and Mustang Mach-E, but it’s only doing so by adding one cheaper trim level and stripping the car of features. Moreover, the price drop isn’t monumental.
Buyers who opt for the 2024 Cadillac Lyriq Tech RWD will not get the Driving Assist Package that was previously standard, though they can opt for it. GM Authority writes that the brand is adding adaptive headlights for the upcoming model year, but they won’t be available on the entry-level model.
The less expensive 2024 Tech version also leaves out several luxury niceties, including a heated steering wheel, rain-sensing wipers, a rear camera mirror, ambient cabin lightning, the power tilt and telescoping steering wheel, and more.
As we previously reported, the Cadillac Lyriq is one of a number of electric “SUVs” that don’t qualify as SUVs for the newly revamped US federal EV tax credit. This means it’s not eligible for the $7,500 tax credit. GM would have to drop the price to less than $55,000, to make the crossover eligible, much like Tesla did with the Model Y. However, the Big Three automaker is currently encouraging the US Treasury to reconsider the crossover’s classification.
Source: GM Authority via Autoblog
Keyword: 2024 Cadillac Lyriq Gets Cheaper Base Trim, Fewer Features And Options