As a premium brand from General Motors, Cadillac has a lot of history and strong expectations to live up to. That’s why interest in the design and capabilities of the automaker’s upcoming EV, called the Lyric, is so strong.
That interest prompted an initial allocation of reservations for the upcoming electric car to sell out in just 19 minutes over the weekend.
That’s hundreds, if not thousands, of buyers willing to put down $100 for the chance of owning a vehicle they’ve never seen in person and likely won’t be available for more than a year.
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It’s not like this is anything new to the industry — Tesla, for example, has adopted a similar strategy in the past.
The Lyric reservation opened on Saturday 18 September at 1 PM, and by 1:19 PM all available Debut Edition models were reserved.
Cadillac will sell other versions of the vehicle when it hits the market, but so far the debut version is the only model offered for reservations.
Analysis: Hitting the sweet spot
The Lyriq hits a sweet spot on price and will offer a number of attractive technologies, such as unique lighting signatures and enhanced Super Cruise, another step towards autonomous driving that will see the car capable of making lane changes on its own.
With a starting price of around $60,000, Cadillac will face strong competition from a whole range of soon-to-be-released European EVs.
Fans of American cars didn’t have much in the way of premium electric vehicles to choose from outside Tesla and mid-range models from Ford and GM, which may even partially fuel demand.
While it’s worth noting that the fee to reserve the Lyrica, which was only $100, is refundable and non-binding, there is still a disconnect between supply and demand for the new EV.
The GMC Hummer Edition 1 sold out quickly and Ford seems to have escaped the demand for its Mustang Mach-E earlier this year.
Whether it’s a desire to future-proof or just a curiosity for EVs, buyers are hot to electrify. While a limited-edition car may be attractive because of its exclusivity, it is clear that demand is strong enough for higher production volumes.
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