If you missed out on a 2023 allocation, then you better act quickly.
The Cadillac Lyriq represents a historic moment in the long and illustrious history of the Cadillac brand. Cadillac aims to be a fully electric brand by 2035 along with the rest of General Motors, and the Lyriq is the first step in that direction. This sleek EV was revealed more than a year before orders opened, which caused the hype behind this car to skyrocket to such levels that the brand has been forced to open order books for 2024 models. This comes after nearly 250,000 people showed their initial interest. Of those numbers, Cadillac identified 21,000 as serious leads. With official order numbers as yet unknown, it seems like the Lyriq is off to a great start. The 2023 allocation sold out rapidly, with the Debut Edition selling out in 20 minutes. But now you can pre-order a 2024 model, as reservations have officially opened on the Cadillac website.
While the initial base price for RWD models started at a premium price of $59,990, the 2024 model year is likely to see a slight increase. Exact pricing hasn't been confirmed, with Cadillac only starting the RWD range will start "at around $60,000." This could mean no price increase at all, with only the annual increase to the delivery charge having an effect. The all-wheel-drive derivatives, meanwhile, start at a ballpark of around $64,000. This is before the inevitable dealer price gouging.
A price hike isn't unfair given the current global situation where manufacturing costs are increasing exponentially. As we come out of the semiconductor chip shortage, new cars will also benefit from additional features earlier cars missed out on, like head-up displays, etc.
The brand is hoping with successive model years, it can navigate the supply chain crisis and meet the clear customer demand. Per Automotive News, Cadillac's global Vice President, Rory Harvey, said that the brand was looking to expand the availability of the 2023 Lyriq on a global scale. But EVs require far more semiconductor chips, allegedly up to ten times the amount of a regular vehicle.
"There is still incredible pent-up demand," said Harvey. "We are selling and delivering good volume." Speaking of the brand's current 35-day supply in the US, he says: "The inventory situation is less volatile today than six months ago or a year ago," which is a good sign that the automotive manufacturing sector is recovering from a tough few years.
The Lyriq is a crucial model for the brand as early data indicates 78% of buyers are new to Cadillac vehicles, with approximately two-thirds coming from Gen X and Y. Hopefully the 2024 allocations don't sell out too quickly.