The Cadillac 2023 Lyriq SUV will top 300 miles in range and offer two new colors, but it is getting a price bump from initial estimates.
General Motors will open the order banks for the rear-wheel drive and all-wheel drive models of the Lyriq, a two-row SUV, starting Thursday.
The rear-wheel drive Lyriq will start at $62,990, a $3,000 price bump from the Lyriq Debut edition. The all-wheel drive model starts at $64,990. Initial deliveries of the all-wheel drive model will start early next year and the EPA-estimated range for that model will be announced closer to the start of production.
To encourage adoption, GM will also offer special charging options such as public charging credits or a discount on at-home installation. Cadillac is also offering two new exterior colors: Opulent Blue Metallic and Crystal White Tricoat.
“These are important steps for Cadillac as we make good on our promise to deliver an EV offering more than 300 miles of range and move toward an all-electric portfolio by 2030,” said Global Cadillac Vice President Rory Harvey on Monday.
The rear-wheel drive Lyriq will have an estimated 340 horsepower and 325 lb-ft. of torque and an AWD model, with the addition of a second drive unit, is expected to deliver 500 horsepower and a 3,500-pound trailering capacity.
Harvey said Cadillac has 250,000 hand-raisers and “time will tell how many of those will convert into actual sales.” But of those interested in the Lyriq, 70% are new to Cadillac and 68% are of younger generation, bringing down the average age of the brand’s customer.
Most importantly, Harvey said about a third of those interested in the vehicle are from the western part of the United States where Cadillac has not typically had strong sales, so “we’re really, really pleased” with potential sales increase on the West Coast.
The Lyriq is critical to GM’s luxury brands success consider GM had tagged Cadillac to be the first of its brands to have an all-electric lineup by 2030.
More range, higher price
The Lyriq is the first EV in Cadillac’s lineup and it will be the cornerstone for Cadillac’s future.
A flagship hand-built sedan called the Celestiq has been teased, but Cadillac is not providing a launch date.
Cadillac has future plans for a small SUV similar to the compact XT4, as well as a three-row bigger SUV and a full-size SUV that Cadillac leaders have described as Escalade-inspired.
Harvey hinted Monday to reporters that “up next” is an EV comparable to the XT4.
The Lyriq, which is being assembled at Spring Hill Assembly in Tennessee, will get an estimated 312 miles of range on a full charge, Harvey said. GM was able to squeeze out those extra 12 miles because of GM’s Ultium platform’s energy recovery system, which during braking, captures and repurposes waste energy from the battery to extend the charge.
Ultium, which will underpin and propel all of GM’s upcoming new EVs, can also help reduce the battery energy needed for heating the car. GM said it can increase charging speed and improve how the car drives. The 2022 GMC Hummer EV pickup, which is out now, is on the Ultium platform, but the Chevrolet Bolt and Bolt EUV are not.
In April 2021, GM had said the Lyriq would start below $60,000, but GM spokeswoman Paige Tatulli said that was a special offer.
More:Cadillac prices Lyriq EV SUV under $60,000, reveals production model
“With the launch of the 2023 Lyriq Debut Edition, we offered a special price for our first EV customers of $59,990,” Tatulli said. “As we move into the regular lifecycle of the vehicle, we’ve adjusted pricing to reflect the content of the vehicle.”
Tatulli said the starting price of $62,990 for the RWD model is competitive in the luxury mid-size SUV segment.
That’s accurate considering the estimated starting price of the 2023 BMW iX is $85,000, according to Kelley Blue Book. The 2023 Mercedes-Benz EQC is expected to start at $70,000. The 2022 Jaguar I-Pace starts at $69,900. The 2023 Tesla Model Y subcompact SUV is expected to start at $61,000.
Harvey said the $3,000 price boost does not necessarily reflect an increase in commodity costs.
“I don’t think it was one thing in isolation, it was a number of things taken into factor,” Harvey told reporters. “It was our intention, when we opened the order bank for the Debut Edition, that we would adjust the pricing for” the regular lifecycle models.
He said there is no added content to the regular models, “the only change is the ability to order all-wheel drive.”
To encourage EV adoption, Cadillac is making Lyriq customers a deal.
All who buy a 2023 model can select either two years of unlimited public charging credits at EVgo charging stations or a credit of up to $1,500 toward home charger installation through Qmerit, which is a nationwide network that helps owners find qualified Electric Vehicle Supply Equipment installers.
Customers who select the home charger installation credit can use for “eligible professional installation of a Level 2 charger” or a 240-volt DC-fast charger outlet at home through Qmerit. A Level 2 charger uses a standard 120-volt AC outlet.
The offer will “elevate” customers’ experiences and help them “make a smoother, more transparent transition to all-electric driving,” said Harvey. “The charging experience will set the standard for customers’ EV experiences.”
Chris Hay, Cadillac’s global dealer network director, said the $1,500 should cover most of the cost to install a basic fast-charger wall mount.
The at-home Level 2 chargers can add up to 52 miles of range per hour of charging, Cadillac said in a statement. A DC fast charger provides about 76 miles of range in about 10 minutes of charging time.
The Lyriq comes with a portable dual-level cord set charger that can be used on both 120-volt and 240-volt outlets. Through Cadillac, customers can buy faster wall-mounted charging stations. A 240-volt outlet or wall charger can cut the time to charge a depleted battery from three days to overnight, Cadillac said.
More:Early 2023 Cadillac Lyriqs are lurking around metro Detroit
More:Bosch is raising part prices for Detroit automakers: What it means for you