According to Cadillac Global Vice President John Roth, Cadillac will deliver 9,000 Lyriqs in 2023. However, the brand delivered less than 2,400 vehicles in the first half of 2023.

Roth said, “We’ve been methodically building and rolling out the Lyriq as the battery modules come back into supply, and now we have plenty of inventory, so we’re seeing good sales.” He added that he has “high expectations” that this will continue.

He observed that “the luxury market operates slightly differently than the mainstream market when it comes to electric vehicles. We can still see in the data that 60 % of luxury consumers believe that their next luxury car will be electric.”

The Lyriq now accounts for a quarter of Cadillac’s total sales, while it only accounted for about 12 % of sales in the fourth quarter of last year.

However, high borrowing costs have eroded consumer confidence and several companies have warned of a slowdown in demand for electric vehicles. Many companies, including market leader Tesla, have cut prices significantly to attract potential customers.

Lyric lost U.S. government tax credits when new purchasing rules went into effect. GM offered a $7,500 per vehicle incentive to offset the difference and said the Lyriq would regain tax credit eligibility early this year.

Currently, Cadillac has been strengthening its electric vehicle lineup with the goal of offering a fully electrified product portfolio by 2030.