Cadillac Lyriq Sticks to $60K Starting Price

Cadillac has opened orders for the 2024 model year of its all-electric Lyriq SUV. That means the door is now closed for getting the debut 2023 car that the brand expects to begin delivering to buyers in the coming weeks. Executives said no price hike will be associated with the new model, even as rivals Tesla, Rivian and others have recently announced dramatic increases due to the rising cost of producing electric vehicles.

When does the Cadillac Lyriq come out?

Cadillac is set to deliver the first batch of vehicles to Lyriq buyers by early July. Initial deliveries will consist of the 340-horsepower, rear-wheel-drive Lyriq Debut Edition. Those models retailed for $59,990 (including the destination charge) when preorders opened in May.

Soon after, the automaker will build the standard 2023 Lyriq (the Luxury trim) priced from $62,990, followed by the 500-horsepower, all-wheel-drive 2023 Lyriq for an additional $2,000. Cadillac executives say production will begin for the AWD Lyriq in late 2022, with deliveries in early 2023. However, it remains unclear whether rising costs and limited materials — problems currently plaguing other EV makers — are affecting Lyriq production generally. Cadillac executives declined to discuss Lyriq sales figures or make future projections.

2023 orders closed to make way for 2024s

While Cadillac does not plan to raise the price of its newest model, it has adjusted its strategy in recent months. The launch of the Lyriq was moved forward by nine months from its original launch date, said Kristin Lewis, marketing manager for the Lyriq. The accelerated timeline means 2023 Lyriq models will miss out on some features, such as a head-up display, that will otherwise be available on 2024 models. The hands-free driving assist feature known as Super Cruise is also missing, though Debut Editions contain the necessary hardware and will receive Super Cruise in an over-the-air update planned by the end of 2022.

Cadillac has also closed orders for 2023 models, Lewis said. Any subsequent orders will apply to 2024 models, which are expected to begin production next March. Rear-drive models will be priced from about $60,000 including destination, while all-wheel-drive models cost about $64,000 to start, she said.

Other EVs have had significant price hikes recently

Price hikes have become a frequent refrain among electric automakers. Rising inflation, a shortage of semiconductor chips, and the ongoing conflict in Ukraine have all played a role. In March, EV maker Rivian raised the price of some models by nearly $15,000 — even including orders already placed. Earlier this month, Tesla instituted its third increase this year, affecting nearly all models.

General Motors, the parent company of Cadillac, is not immune. Just last week, GM raised the price of some GMC Hummer EVs by $6,250, citing parts availability and other factors. But Cadillac does not expect its Lyriq to follow suit.

"We would not publicize those [pricing] numbers if we couldn't stand by them," Lewis said.

The Cadillac Lyriq faces off against many rivals

The Lyriq lines up directly against rivals such as the Audi e-tron, BMW i4 and iX, Genesis GV60, Jaguar I-Pace and Tesla Model Y. One thing to note is that while the Lyriq is Cadillac's first EV, it does not qualify for the $7,500 federal tax credit. Parent company General Motors ran out of its allotted credits back in 2020.

Edmunds says

The promise to stay put on pricing is a win for those interested in the Cadillac Lyriq, at least for the time being. Be aware, however, that placing an order doesn't guarantee delivery for several months at the earliest. Stay tuned for our first hands-on impressions of the Lyriq coming soon.