General Motors’ Cadillac division is making strides in the production of its Lyriq electric sport utility vehicle, as improved battery availability and sustained high demand for luxury EVs have created an opportunity for accelerated production. According to John Roth, the global Vice President of Cadillac, production delays were mainly caused by issues with assembling battery modules. However, with 9,000 Lyriqs delivered in 2023 and robust inventory, Cadillac is now seeing strong sales performance and high expectations for continuing success.
Roth also noted that the Lyriq now represents a quarter of all Cadillac sales, illustrating a significant increase from just 12% in the previous year. Moreover, with data showing that 60% of luxury vehicle consumers are considering an EV for their next purchase, the luxury EV market appears to be operating on a different level than the broader market.
Despite current challenges, Cadillac remains committed to expanding its EV lineup, with plans to offer a fully electric portfolio by 2030. To address recent changes in U.S. government tax credit eligibility, GM is providing incentives of $7,500 to offset the loss and has assured that the Lyriq will soon be eligible for the tax credit once again.
These developments indicate a positive outlook for luxury EVs and the role they will play in the automotive industry, particularly within the Cadillac brand.
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