The new Lyriq Tech trim level will be responsible for this $4,400 discount over the 2023 base price.
This version will forgo some features such as the Driving Assist Package and a heated steering wheel.
This could be a result of Tesla’s recent price cuts.
Late last year, Cadillac said that the 2024 Lyriq would be less expensive than the 2023 version, hinting at a starting price of “around $60,000” in the United States.
This figure now seems to have been slightly pessimistic since GM Authority has found details that show a base price of $58,590 for the 2024 version of the electric SUV.
This represents a $4,400 drop in MSRP over the entry-level version in 2023, which was advertised at $62,990.
Unlike Tesla, whose recent $13,000 price cut on the Model Y might have prompted the Lyriq’s new price, Cadillac chose to create a de-contented base model instead of taking a lower profit margin on each unit to offer this lower price.
Indeed, the new Lyriq Tech trim level will not be equipped with features that were previously standard, such as a heated steering wheel, rain-sensing wipers, an auto-dimming rear camera mirror, ambient lighting, illuminating door handles, cornering lamps, LED choreography capable headlamps and taillamps, and a power-adjustable steering column.
In addition, the new adaptive headlamps will not be included in this model, and the Driver Assistance package will be made optional.
This package includes technologies such as adaptive cruise control, advanced parking assist, a 360-degree camera system, and intersection automatic emergency braking.
Despite its new lower price, the Lyriq still doesn’t qualify for the $7,500 US federal EV credit because the US Treasury doesn’t consider it to be an SUV, which means its price tag would have to be less than $55,000.
Cadillac is currently trying to convince the relevant authorities that the Lyriq is indeed an SUV in order to make its buyers eligible for the full credit, which could drop its price down to $51,090.
The good news for potential buyers who would like their Lyriq to be better equipped than the new base model is that the Luxury 1 RWD version, which was last year’s entry-level Lyriq, remains mostly unchanged for 2024 despite being priced $300 lower.
In order to compete with the Tesla Model Y, Cadillac will have to rely on its reputation and the better finish of the Lyriq to sway buyers because the base Model Y effectively starts at $45,990 due to the tax credits and it includes most of the features that have been made optional in the Cadillac as well as standard AWD.
Source: GM Authority