GM’s next $60,000 electric crossover sold out in minutes – with no tax incentive support
As U.S. lawmakers debate how much taxpayer support to give EVs in their next tax bill, EVs of all brands are selling out before they hit dealerships. The most recent example of this long-standing trend is the upcoming 2023 Cadillac Lyriq electric vehicle. This new luxury wagon/crossover has been released for pre-orders, or registration, or whatever you want to call it when ‘a person orders an imaginary new electric vehicle and donates money to a company to pretend to hold the place for them.
Reports differ on exactly how many minutes it took for the First Edition version of the imaginary new electric vehicle to sell out, but by all accounts it took less than 20 minutes. Here are some titles:
– Elektrek – “Cadillac Lyriq sells out in 19 minutes – automakers are still underestimating demand for electric vehicles”
– Inside Electric Vehicles – “The first edition of the 2023 Cadillac Lyriq sold out in just over ten minutes”
– KBB – “First edition 2023 Cadillac Lyriq EV sells out in just over 10 minutes”
– GM Authority – “2023 Cadillac Lyriq First Edition Sells Out in Minutes”
By multiple accounts, or numerous publications reporting slightly differently on the same initial report, GM’s new EV sold out about as fast as the online pre-order, reservation, or paid wishlist system could accept. money from EV buyers.
To help clarify the situation, GM is issuing this press release from Rory Harvey, Vice President, Global Cadillac:
“Today, reservations for the 2023 Cadillac LYRIQ First Edition sold out in just over ten minutes and we continue to see a lot of excitement around the brand – both for the current product and in our future as well. The initial response for LYRIQ has been extraordinary Since the unveiling of the show car last year, more than 200,000 people have expressed interest in learning more about the vehicle and our electric future. LYRIQ Debut Edition 2023 are complete, more vehicles will be available to order through the Cadillac dealer network beginning in the summer of 2022. I look forward to sharing even more about our future lineup of electric vehicles next year. ”
This immediate sale of a future electric vehicle that no consumer has ever tested is nothing unusual. Tesla usually brags about how many vehicles it sells before it builds them. Neither Tesla nor GM buyers receive federal tax incentives to help lower the cost of the electric vehicles they purchase or reserve, or whatever you prefer to call it. So why is more corporate welfare needed?
One answer would be that the world needs a low-cost electric vehicle available to the masses. This answer would seem valid, except that the Chevy Bolt cost consumers – without federal tax incentives – less than $20,000 again earlier this year. This was before the Bolts started burning in the aisles and were pulled from the market. Recent reports indicate that they are coming back.
We could post more links (like this one on a future Tesla) highlighting EVs that don’t get consumer price brackets “sold” in the hundreds of thousands before they’re even built. But we assume the reader understands the point. Feel free to explain in the comments section below why products that sell years before they’re even produced need price subsidies.
John Goreham is a longtime member of the New England Motor Press Association and a recovering engineer. John’s interest in electric vehicles dates back to 1990 when he designed the thermal control system for an electric vehicle battery as part of a university team. After graduating in mechanical engineering, John completed a marketing program at Northeastern University and worked with automotive component manufacturers, in the semiconductor industry, and in biotechnology. In addition to Torque News, John’s work has appeared in dozens of US media outlets and provides reviews for numerous vehicle-buying sites. You can follow John on TikTok @ToknCars, on Twitterand check his credentials on Linkedin