The Cadillac Lyriq and Chevrolet Blazer EV will no longer receive the Inflation Reduction Act’s infamous $7,500 tax credit, but General Motors is now offering a $7,500 reduction in price to make up for it.
These are no longer on the list of vehicles that qualify because GM’s Ultium battery pack contains parts not sourced in America, meaning customers have to pay the full retail price.
A base Lyriq retails for $57,195, while the Blazer EV starts at $51,800. According to the last Kelley Blue Book update, the average price of a new car is currently standard at $50,000, regardless of what power source it uses. The average cost for an electric vehicle was roughly $53,000, so GM is in the right ballpark. But when your main rival is Tesla, which can change pricing on a whim, you need to be under that figure.
That’s why GM is ensuring its customers still get massive savings, even though they don’t come from the government.
