Cadillac Lyriq prices will start under $60,000 when electric SUV launches

Last Thursday, Cadillac debuted its long-awaited Lyriq SUV, an all-electric crossover that isn't just a new model, it's the cornerstone of the brand's future technology play. While the new crossover promises impressive battery, chassis, automation and connectivity features, one thing it can't promise is to be is in dealers soon: The model isn't due until late 2022. Understandably, a lot remains in flux for a vehicle that's so far from consumers' hands, but at least now we have a better idea of pricing.

Although Cadillac President Steve Carlisle mentioned a starting price under $75,000 originally, the figure has dropped even lower. Automotive News reported Wednesday the Cadillac boss said during the JP Morgan Auto Conference the Lyriq "will need to be priced similar to how the industry prices midsize lux SUVs today" before adding prices "won't start with a seven and it won't start with a six." We're talking about an electric SUV that will probably cost somewhere in the high $50,000 range then.

As for why Cadillac suddenly decided to tease a far cheaper price, that's unclear. Cadillac originally confirmed the $75,000 ballpark price with Roadshow, but the brand did not immediately respond to a request for comment on the newly floated sub-$60,000 cost. It also puts the Lyriq in partial price war with the Tesla Model Y, rather than the Model X. The Model Y starts just under $53,000, while the Model X costs a tad under $80,000.

The lower price point would also undercut other electric SUVs on sale today, such as the Audi E-Tron and Jaguar I-Pace.

The Cadillac Lyriq electric SUV is ushering in a new era at GM

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There are some additional caveats to bear in mind. Firstly, it's worth noting that Tesla's model pricing and performance attributes vacillate on an almost seasonal basis, so it's difficult to guess where Model Y or Model X pricing will be when the Cadillac hits the market (if indeed Tesla is still selling the same vehicle at all). Additionally, the aforementioned Model X's performance figures are realized with standard all-wheel drive, while a previous report said Cadillac officials believe that AWD on the Lyriq could shave off 20 to 30 miles of range. With over two years between now and when GM says it will deliver this new Cadillac, it's impossible to know how the Lyriq's numbers will line up against the competition, from Tesla or otherwise.

As it stands, Cadillac's promising-looking new entry is only around "80%" finalized, according to Minter, with further pricing and vehicle specifics likely to trickle out next year. Production is reportedly slated to begin first in China, with US assembly coming online soon thereafter.

The takeaway? Just as your mileage may vary, so, too, may the Lyriq EV's eventual performance and pricing figures. 

Originally published Aug. 7.
Update, Aug. 13: Adds new information on the Lyriq's potential price.