We're so used to electric vehicles becoming more expensive with each new model year—and in between model years—that we're always skeptical when an automaker announces a price cut.
It looks like Cadillac has one planned for the 2024 Lyriq, even though it previously suggested it would operate a price increase for the new model year. The 2024 Cadillac Lyriq preorder page on the automaker's customer website shows a starting price "around $60,000" (excluding the destination charge).
That's a reduction of almost three grand as the 2023 Lyriq—which is listed as sold out on Cadillac's website—had a base price of $62,990. In both cases, the pricing corresponds to the base rear-wheel-drive trim and includes the destination charge ($1,195 for the 2023 model).
As for the all-wheel-drive 2024 Cadillac Lyriq, prices start "around $64,000," which is also a lower starting MSRP than the 2023 model's $64,990. Here's hoping that by "around" Cadillac means a small variation of up to $100 upwards of downwards.
Now, before you get too excited, you should know that the revised pricing comes with a trade-off in terms of standard equipment. Cadillac spokeswoman Paige Tatulli told Motor Authority the carmaker "adjusted the pricing to reflect the content of the vehicle."
She didn't provide specifics, but it's logical to assume Cadillac deleted some standard features from the vehicle to make the lower price happen; we'll just have to wait for the automaker to announce which ones will go away.
The price reduction is an interesting development considering that Cadillac is said to have previously planned to raise the 2024 Lyriq RWD model's base price to around $70,000.
When Cadillac kicked off sales of the Lyriq in May 2022, it offered the RWD Debut Edition model with a $59,900 base price. That was a special price for the launch edition model, which Cadillac said it sold out in 10 minutes—even though it didn't reveal how many units were part of the RWD Debut Edition.
We don't expect anything to change with regard to the 2024 Lyriq's specifications compared to the 2023 model. The base RWD model features a rear-mounted motor making 340 horsepower (253 kilowatts) and 325 pound-feet (440 Newton-meters) of torque, while the AWD version packs a dual-motor powertrain churning out 500 hp (372 kW) and 450 lb-ft (610 Nm) of torque.
Both models are powered by a 100-kWh battery offering an EPA-estimated range of 312 miles (502 kilometers) for the RWD model—the EPA range of the all-wheel-drive Lyriq is yet to be announced. The 2024 Cadillac Lyriq is now open for preorders, with production expected to start in spring 2023.