Cadillac Lyriq Regains $7,500 Tax Credit
Illustration 2: A close-up of the Lyriq's front grille, showcasing its sharp lines and futuristic design.
General Motors has announced that the Cadillac Lyriq is once again eligible for the full $7,500 federal tax credit for electric vehicles. This news comes after the Treasury Department reversed its previous decision to classify the Lyriq as a sport utility vehicle (SUV), which made it ineligible for the credit.
The Lyriq, a luxury electric crossover, was initially marketed as an SUV when it was first introduced in 2022. However, the Treasury Department later reclassified the vehicle as a sedan, making it eligible for the tax credit. This decision was met with criticism from GM and other automakers, who argued that the Lyriq met the definition of an SUV.
The reversal of the decision is a victory for GM and Cadillac. The $7,500 tax credit is a significant incentive for consumers considering purchasing an electric vehicle. With the reinstated tax credit, the Lyriq becomes a more attractive option for buyers looking for a luxury electric crossover.
* The Cadillac Lyriq is powered by a 100-kilowatt-hour battery that provides a range of up to 312 miles on a single charge.
* The Lyriq has a starting price of $62,990 before the tax credit.
* The Lyriq is eligible for the tax credit until March 2033, or until the IRS determines that 200,000 GM vehicles have been sold.
* The Lyriq is available in both rear-wheel drive and all-wheel drive configurations.
The Cadillac Lyriq is a stylish and capable electric crossover that is now eligible for the full $7,500 federal tax credit. With its long range, luxurious interior, and advanced technology features, the Lyriq is a compelling option for buyers considering an electric vehicle.