- GM president Steve Carlisle said the 2023 Lyriq EV will need to be priced in line with luxury SUVs today to be successful.
- The vague pricing information the company has shared brings the starting price at around the mid-$50,000 range.
- Getting the Lyriq below $60,000 makes it eligible for state incentives in California and New York.
Cadillac's first foray into the world of electric vehicles is going to take longer than had been originally anticipated, but there seems to be some good news for those patient enough to wait until late 2022 to get their hands on the vehicle. In a story published in Automotive News, GM president Steve Carlisle was quoted as saying the 2023 Lyriq can be expected to be priced somewhere in the mid-$50,000 range.
The report comes from something Carlisle said at the JP Morgan Auto Conference about the Lyriq's pricing: "This car will need to be priced similar to how the industry prices midsize lux SUVs today, maybe a slight premium at the outset. It's a price that won't be high five digits. It won't start with a seven and it won't start with a six."
While it's early days for pricing, this does give those waiting for the vehicle at least a starting point on what the vehicle will cost. A sub-$60,000 luxury SUV from Cadillac isn't that surprising if you take a few items into consideration. First, GM is pushing to bring down the cost of its Ultium battery system, wanting to reach price parity with gasoline-powered vehicles.
Also, California and New York State cap their state incentives for EV purchases at $60,000. California is a huge market for EVs, and making sure that buyers in that state can qualify for the incentive could help boost sales since GM vehicles are no longer eligible for federal incentives.
Carlisle went on to say: "We're putting extraordinary efforts here into creating conditions for adoption. Every indication is that consumers are getting increasingly ready. It takes a whole ecosystem approach."
One of the reasons the Lyriq won’t go into production until late 2022 is that GM is working on that ecosystem. Of course, between now and then a lot can change, including the base price of the Lyriq. But for now, it looks like it's going to be less expensive than anticipated.
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