Automakers around the world have been gradually shifting production to electric cars, SUVs and trucks, but that trend will now accelerate with the passage of the Inflation Reduction Act that expands the availability of tax credits for EV purchases. If you’re looking to sell your call, now you’ll have more incentive to consider an EV.
General Motors has been leaning into the electric revolution, and we now have Cadillac releasing it’s first EV model with the LYRIC. This beautifully designed SUV is already sold out with pre-orders and gives a preview of Cadillac’s electric present and future.
The design is unmistakably Cadillac with the distinctive front end, but the design immediately conveys something new a different with styling that evokes and electric model. Cadillac isn’t alone here as many of the automakers have taken advantage of EV releases to introduce new or enhanced design elements. Cadillac hit the mark as you can see from the photos above and below.
We currently don’t have all of the regulations that will be published in connection with the Inflation Reduction Act so it isn’t clear of the LYRIC will qualify for the full tax credit. Consumer Reports has published a handy guide on car models that will qualify for the credits, and they note that the LYRIC will qualify for the full credit “only if it is classified as an SUV.” SolarReviews.com notes the following:
But the LYRIQ is manufactured in the United States, making the car eligible for $3,750 right off the bat. The new mineral and mining requirements for the IRA are not yet completely defined, so it is hard to say if the LYRIQ will qualify for the full $7,500 tax credit.
Prior to these new rules, the LYRIQ did not qualify at all, so any amount is better than nothing. The LYRIQ might qualify for some state incentives depending on where you live, so the price could be reduced even more.
Either way the LYRIC is well on its way to being a big hit for Cadillac.
Beyond the beautiful design elements, the LYRIC models will include an RWD version with 340 horsepower and an AWD version sporting 500 horsepower. Expected range on a full battery charge is over 300 miles.
The EV industry is going to evolve rapidly, so it’s going to be interesting to watch the speedy innovation that will now be turbocharged with more government incentives. Buckle up for the ride!
