A sad song for Cadillac: its much-hyped Lyriq EV is languishing in dealers' Lots

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At least two General Motors EVs are doing very badly, including a model from GM’s flagship brand, Cadillac, according to the Cars.com September Industry Insights Report.

“New EV inventory outpaced demand,” the researchers wrote, “to grow by nearly 50% year-on-year (YoY), while sales lagged and the average price decreased 3% YoY, vs. a 2% YoY drop for all new vehicles, with new models like the Chevrolet Blazer EV and Cadillac Lyriq sitting on dealer lots longer than average.”

The Lyriq — along with the Celestiq sedan and the giant Escalade IQ SUV — is part of Cadillac’s aggressive push into the EV market. With a base price of $58,595, it is over $70,000 when fully loaded with features, and it has good range numbers for an EV, with Cadillac claiming 326 miles on a single charge. It gets mostly positive reviews but hardly spectacular ones, with Edmund’s rating it 8 out of 10.

Based on GM’s aggressive bet on EVs — its TV advertising is relentless — the Lyriq’s sales should be much better. Instead, dealers are having to shine them more than once as they languish on lots and in showrooms.

In terms of the overall market, car prices were down 1.5% year over year in September, with Jeep, Ram, and Dodge doing much worse. The two Japanese market leaders posted much better, with Honda’s prices up 8% yearly and Toyota’s by 3%.

Used car prices changed very little in September compared to September last year.