By Adam Ferraresi, June 23, 2022
Cadillac is closing the order books for the 2023 pure-electric Lyric SUV due to demand outstripping supply. The launch Debut Edition sold is sold out. Entry-level versions will ship to customers in Q4 later this year. However, Cadillac will be switching to a pre-sales order business model. Customers can now place a $100 refundable deposit on the 2024 Lyric.
Cadillac has not revealed how many orders have been taken, we do know around 250K people have expressed interest and around 21,000 leads have converted to sales.
The entry-level Lyric starts at$59,000, those who signed up early are expected to receive their orders by next week. It is likely that prices will increase next year due to soaring inflation across the automotive supply chain.
General Motors, the master behind the Cadillac Lyric brand, has produced an estimated 120 units since production commenced in March 2022.
Lyric production has slowed due to the lack of availability of microchips and stock shortages. However, Cadillac expects production to continue into 2024 with supply-chain disruption slowly easing thereafter.
The takeaway here is, that Cadillac simply can not make enough Lyrics because they have yet to scale EV production and did not anticipate such high demand. Blaming over-demand and supply chain issues is deflection.
Cadillac simply underestimated demand for the Lyric would be so high.