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.
Under the skin lies the GM BEV3 platform, while motivation is delivered via GM Ultium batteries and GM Ultium Drive motors. Production takes place at the GM Jinqiao plant.
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Comments
Is there any news from GM about reducing price in USA, these days it’s really difficult to get this car and even if a car shows up in a dealership they are charging a very hefty markup of 10K to 15K. I dont’ think GM can do anything about restricting these dealers to avoid charging that.
I don’t even see good production numbers which will avoid these markups which make it really difficult to buy this car
Let the battles begin. Hopefully they hit the USA as I am ready to buy though I prefer the blazer or equinox which GM still seems to not be ble to get out the door or more likely they strung us along to 2025 as the real plan feeding us bread crumbs. All I need is something more interesting to buy on the market with a long term platform (ford, hyndai, kia, etc. are not on their strategic platform yet) then GM is toast and deserves it considering they had since the beginning of the volt release I still have to get this all going and be the true front runner IMHO.
Possible future price reductions on cars, like the Lyriq, that are unavailable due to extremely low production numbers in the US, is mere guesswork.
I noticed that in the Q2 2023 sales figures for the Lyriq that they increased by a little over 1/3 from Q1 to Q2.
However, when that only went from about 1000 units to 1348 and there are still people who placed orders in Q2 of 2022 and still do not have their cars, it is hardly something to celebrate.
Is this what GM CEO Mary Barra claims are “rapidly increasing production numbers”?
For perspective, 1348 cars per quarter is 1348 cars/ 62 working days in Q2 = 22 cars per day! A single line in a factory that is running at a normal production rate produces about 120 cars per day.
Also, during Q2 Cadillac appears to have delivered a single car for demo purposes to each its dealers. Called “manikins” in the industry, they must be held for 90 days before being sold as used cars.
If they delivered one to each of the 584 US Cadillac dealers, that means that only 1348 – 584 = 764 cars actually went to customers, which is less than the about 1000 cars that went to customers in Q1.
Sorry, but this is shameful and extremely disrespectful to those on the waiting list. Why put a demo in a dealership when it will be many months before any sales created by its presence on the showroom floor will be realized???
This is yet another example of poor management decisions by Cadillac/GM. They seem to be doing everything possible to make the rollout of the Lyric an absolute disaster. And in typical GM form, the VP of Cadillac, Rory Harvey, who was responsible for this, was just promoted!!!!
A sector leading car, like the Lyriq, that is way head of its competition is useless if you can get it into the hands of customers.
CHINA ? REALLY ?
…wondering why estimated range numbers for fully-charged Lyriqs in China are so much higher compared to what is being presented for Lyriqs in the US?
The Chinese use a different “cycle” from the EPA to compute the range. The blend of city, highway and speeds in each is different, so you get different results, neither of which really match real world results.
Also be sure to not compare the ranges in the same units 😉. The Chinese use kilometers and the EPA uses miles.
Thx, Steve V. Your explanation makes sense. The article does reference mileage in miles, so could not understand why the drastic difference.