Cadillac has announced the reinstatement of the full $7,500 consumer tax credit for its Lyriq electric vehicle (EV) following a brief period of ineligibility. The eligibility pause was a result of the U.S. Treasury’s updated guidelines on clean vehicle credits, which impacted Lyriq in early January. To address this, General Motors (GM) expedited a sourcing change for two minor components, enabling Ultium Cells to produce qualifying cells for the Lyriq.
During the period of ineligibility for the tax credit, Cadillac compensated by offering a $7,500 discount on the purchase of the Lyriq. This discount will continue to be available for vehicles manufactured before the sourcing adjustments took effect. John Roth, global vice president of Cadillac, emphasized the importance of Lyriq in Cadillac’s shift towards electric vehicles, noting its popularity in the compact luxury EV SUV segment where it secured a 33% market share last year. The continuation of the $7,500 incentive is seen as a measure to sustain sales momentum and underline Cadillac’s dedication to electric vehicle development.
Furthermore, Cadillac is preparing to launch a software update for the 2023 Lyriq in March, aimed at improving the vehicle’s user experience. This update will enhance features such as Super Cruise and Adaptive Cruise Control, simplify the use of the universal remote and glove box controls, and quicken the response time for commands issued through the myCadillac mobile app. Lyriq owners will be notified to schedule an appointment with their dealers for these updates.
