The electric vehicle (EV) market is currently experiencing a chill, with sales dipping for many brands. But amidst this slowdown, there’s a surprising success story: the Cadillac Lyriq. This luxury SUV has emerged as a rising star, attracting new customers and even luring buyers away from established luxury brands. Here’s why the Lyriq’s siren song is alluring, backed by impressive sales figures.

Distinctive Design

Forget the bulky shapes dominating the luxury SUV landscape. The Lyriq boasts a sleek, modern design with a raked roofline and extended hatchback, reminiscent of the high-performance wagons Cadillac’s European rivals once championed. It stands out in a herd of look-alike SUVs.

Competitive Price Point

Starting at $58,600, the Lyriq is significantly cheaper than its main competitor, the BMW iX. This positions it as a more accessible option within the luxury EV segment. Cadillac is also offering an attractive lease. It starts at $559 monthly for 24 months with $4,839 due at signing. Lyric now qualifies for the $7,500 tax incentive as well. Check here for more details.

Impressive Range

Range anxiety is a major EV concern. The Lyriq tackles this head-on with a robust 314-mile range on a single charge, putting it amongst the leaders in EV range.

Tech-Packed Experience

From a state-of-the-art self-driving system to speakers in the headrests and customizable ambient lighting, the Lyriq offers a luxurious and tech-savvy driving experience.

Luxury EV Sales: A Bright Spot In A Cooling Market

Interestingly, while the overall EV market is cooling, luxury EV sales are thriving. In the first quarter of 2024, luxury models sold at a brisk pace – 5,810 compared to 3,730 in the same period last year. This suggests that affluent buyers are more willing to embrace electric vehicles, particularly when they offer the premium features and performance they expect. The Lyriq seems to be hitting the right notes in this segment.

Winning Over New Customers And Conquering Rivals

Here’s where the Lyriq’s success gets even more impressive. Cadillac reports that a whopping 70 percent of Lyriq buyers are new to the GM brand, highlighting the SUV’s appeal beyond existing loyalists. Additionally, 15 percent are conquests from rival luxury brands, demonstrating Lyriq’s ability to entice customers away from established players.

Sales Stats Seal The Deal

Sales figures back up Lyriq’s rising star status. General Motors sold almost 6,000 Lyriqs in the first quarter of 2024, outperforming nearly all of its German luxury rivals and several more pedestrian battery-powered models (according to Cox Automotive data). In total, GM has sold about 15,000 Lyriqs in the US, a significant number for a new EV model.

A Look Ahead: A Major Contender In The EV Race

Cadillac Society breaks down the sales numbers.

The Lyriq’s success is a positive sign for Cadillac and the broader EV market. It shows that there’s a strong demand for stylish, feature-rich electric SUVs with competitive pricing and impressive range. As the EV market continues to evolve, the Lyriq, with its impressive sales stats and unique value proposition, is well-positioned to be a major contender, stealing the show from its competitors.

Electrified Mag’s Take

Finally, after a painful slog through “production hell,” GM has emerged from the darkness, Now, the Ultium platform and batteries are rolling off the line in meaningful numbers. GM’s second Ultium battery factory is up and running in Spring Hill, Tennesee too. It joins the Lordstown, Ohio Ultium Cell facility with the combined capacity to supply batteries for 600,000 EVs a year. The General took a lot of heat for delays and the lessons learned at Lordstown were quickly implemented in Spring Hill.

In Riverside County, California, where your humble author roams, the Lyric is a common sight. Shiny new models can be seen at intersections from town to town. It has an attractive shape and a good presence rolling down the tarmac. There were three Lyrics on display at Goodguys Del Mar show last month. I had a chance to sit in them and I must say, the interiors are gorgeous with tight tolerances and bespoke switchgear. No GM parts bin gear here.

In Stock And Ready To Go

A spin past my local Chevrolet/Cadillac dealership was enlightening as well. They had fifteen Lyrics parked in a row. There were ten Blazer EVs and five Silverado EV pickups too. Next door at the GMC/Buick dealership, there were not only six Hummer trucks but three Hummer SUVs, two in a very snazzy shade of orange. I would guess that 15 percent of its new car inventory were Ultium-based products. I drove by the other day and noticed that the dealerships had sold through much of that stock.

GM has many detractors in the EV space with many doubtful they can back up the hype surrounding Ultium. These same folks said GM would never bring the Volt and Bolt to market, and they ended up eating a cold slice of humble pie.

Let’s All Give A Hand To The General

Today there is still a group of rabble-rousers that hate GM, especially CEO Mary Barra. Most seem to be rooting for the company’s demise. Here’s the deal folks: If you believe in the electrification of the automobile, migration to a gas-free future will take the collective global auto industry. It’s not going to happen via a monopoly by an upstart OEM with a charismatic, Iron Man-like leader.

So the success of GM and its Ultium platform is critical to cutting emissions, and getting off foreign oil. The Lyric’s sales performance, combined with GM’s industry-leading brand loyalty, should draw many new converts the EV fold, and that’s good news.