GM begins taking orders for 2024 Cadillac Lyriq EV

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.

GM, eager to gain a foothold in the fledgling EV market, has pulled forward the Lyriq introduction by a year. As a result of the accelerated production schedule, certain features such as a head-up display will be available in future model years.

Rory Harvey, global vice president of Cadillac, said Tuesday that the company is exploring ways to expand output and availability of the 2023 Lyriq. But GM and other automakers are struggling to rebuild inventories amid a severe shortage of microchips and other supply chain bottlenecks. EVs also require more advanced semiconductors, in some cases 10 times as many, according to Alix Partners, than today's internal combustion engine-powered vehicles.

GM began Lyriq output at an assembly plant in Spring Hill, Tenn., in March, and produced an estimated 120 vehicles through May, according to the Automotive News Research & Data Center. GM also builds the Cadillac XT5 and XT6, and GMC Acadia, in Spring Hill, where total production through May rose an estimated 15 percent to 74,665 light trucks.

Production of the 2023 Lyriq is scheduled to continue through early 2023, with 2024 model year output to begin in spring 2023, Cadillac officials said.

Early customer data indicates the Lyriq is drawing new and younger buyers, with nearly two-thirds of them Gen X and Y, and 78 percent new to Cadillac, Lewis said. The EV is also attracting "strong demand" in California and other Western states, she said, key markets where Cadillac underperforms relative to many other luxury rivals.

In addition to retail deliveries, Lewis said Cadillac hopes to ship its 642 U.S. dealers a Lyriq to display and use for customer test drives by the end of the year.

The Lyriq received widespread marketing support before its official sales launch. It has been featured in three Super Bowl ads and other marketing efforts since the Lyriq concept was introduced in August 2020. A new ad campaign will launch in July, Lewis said, adding that discussions are underway to place the EV in a Hollywood production.

Cadillac, the lead brand for the introduction of a new generation of EVs powered by batteries that GM has branded Ultium, plans to go all-electric by 2030.

Today, Cadillac relies on gasoline-powered light trucks for the bulk of U.S. sales, including its top-seller, the full-size Escalade SUV, but has seen "nothing tangible" yet that consumer buying habits or preferences are changing amid record pump prices, Harvey said.

"There is still incredible pent-up demand," he said Tuesday. "We are selling and delivering good volume."

Cadillac is sitting on a 35-day supply of vehicles in the U.S., including those in dealer stock and in transit, Harvey said.

"The inventory situation is less volatile today than six months ago or a year ago," Harvey said, adding that Cadillac's U.S. sales, driven by retail volume, are on track to rise in 2022, after dropping 24 percent to 28,216 in the first quarter and 8.6 percent to 118,331 in 2021.