As electric vehicles become more mainstream, automakers like Ford and Tesla have engaged in price wars as an attempt to offer more competitively priced EVs to consumers. While General Motors has yet to participate in this game of attrition in the U.S., the Detroit-based automaker recently slashed Cadillac Lyriq MSRPs in China in response to price cuts among competitors.
General Motors recently cut the price of the Cadillac Lyriq from 439,700 yuan (about $60,980 USD) to 379,700 yuan (about $52,660 USD), representing a 13.6 percent drop. The General is also offering an additional $2,500 discount for Chinese Lyriq buyers who put down a deposit before the end of August.
This new pricing update comes in response to a series of price cuts among Chinese-market competitors. In fact, since Tesla slashed prices in January 2023, approximately two dozen automakers have followed suit in order to stay competitive.
As a whole, this development comes as General Motors achieved a new sales record last month. Over the course of June 2023, the Detroit-based automaker sold 7,503 all-electric vehicles across its Buick, Cadillac and Chevy brands, making this the best month of Chinese electric vehicle sales GM has recorded thus far.
In regard to the Cadillac Lyriq itself, the all-electric luxury crossover launched in the Chinese market back in June 2022. RWD models feature a single motor that develops 342 horsepower and 325 pound-feet of torque, along with a driving range of 653 kilometres (405 miles) on a full charge, according to CLTC test procedures. Meanwhile, AWD units are powered by two motors that produce a combined 503 horsepower and 524 pound-feet of torque, while their driving range is rated at 608 km (378 miles) on a full charge.