PARK CITY, Utah — Cadillac, citing strong consumer demand, is closing the order book on the 2023 Lyriq electric vehicle and opening preorders for the 2024 model.
Beginning at noon ET on Wednesday, consumers can place a preorder with a refundable $100 deposit on the 2024 Lyriq.
The Debut Edition of the 2023 Lyriq has sold out and deliveries of 2023 rear-wheel-drive models ordered in May are expected to begin this fall.
Sales of the all-wheel-drive model, available by preorder only, will begin in early 2023. Orders for the 2024 Lyriq are expected to open late this year.
The EV has been created and engineered to showcase Cadillac's future design and technology, and drive more awareness and purchase consideration, where the 120-year-old brand has struggled to attract new and retain existing customers relative to other luxury brands.
Cadillac says people on the wait list for the 2023 Lyriq might still have the chance to order one based on availability or will have the first opportunity to preorder the 2024 model.
Cadillac has not disclosed how many orders it has received for the Lyriq, its first electric vehicle. About 250,000 people have expressed interest, with 21,000 so-called hot leads, or consumers eager to order and take delivery, Cadillac says.
General Motors CEO Mary Barra told company shareholders this month that the 2023 Lyriq is sold out.
The 2023 Lyriq Debut Edition is launching with a $59,990 base price, including shipping. Customer deliveries of the Debut Edition are expected to begin next week, Cadillac officials said here, where journalists and analysts had an opportunity to drive the EV.
The base price for the 2023 LYRIQ with rear-wheel drive is $62,990 and the 2023 Lyriq with all-wheel drive is priced from $64,990.
Pricing is expected to be higher on the 2024 model, reflecting surging costs for commodities, logistics and technology. According to Cadillac's website, the 2024 Lyriq with rear-wheel drive will be priced around $60,000, while 2024 Lyriq AWD pricing will begin around $64,000.
Cadillac plans to expand content, options and offer more choice for consumers on the 2024 Lyriq, a spokesperson said.
"The 2024 Lyriq will be a different vehicle, with some prices higher and some prices lower," said Kristin Lewis, marketing manager for the EV.