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GM Focuses on Quality and Pricing for EV Success, Cadillac Lyriq Regains Tax Credit

General Motors is addressing quality issues and pricing strategies for its electric vehicles, while the Cadillac Lyriq's eligibility for a $7,500 federal tax credit is expected to boost its market appeal.

Overview

  • GM is addressing quality issues in its new electric vehicle (EV) launches and aims to accurately price them to attract customers and meet production targets amid declining EV demand.
  • The Cadillac Lyriq has regained eligibility for the $7,500 federal tax credit, a move expected to boost its appeal and maintain sales momentum.
  • GM has delayed the production of several EV models, including the Chevrolet Silverado EV and GMC Sierra EV, to late 2025 to ensure they meet quality standards.
  • The company plans to produce between 200,000 to 300,000 Ultium-based EVs in North America this year, aiming for profitability.
  • Software updates and improvements are planned for the Cadillac Lyriq in March 2024, enhancing features such as Super Cruise and Adaptive Cruise Control.