Car buyers looking to get their hands on a 2023 Cadillac Lyriq will have a hard time doing so as the first electric SUV from the automaker is currently sold out.
Reservations opened up for the Lyriq on May 19, and Cadillac announced on Wednesday that all new orders placed for the EV would be for a 2024 model, Automotive News reported.
Preorders for the 2024 Lyriq can be secured with a refundable $100 deposit.
However, Cadillac did say, according to Automotive News, that 2024 models of the SUV could come at a higher price point due to rising commodities, logistics, and technology costs.
Those on the waiting list to reserve a Lyriq may also get lucky, as Cadillac told Automotive News buyers that they may still have the chance to order the SUV based on its availability or will have the first chance to order a 2024 model of the EV.
Production of the electric SUV has already begun at GM’s (GM) Spring Hill, Tennessee, plant, with delivery slated to start in the coming weeks, according to Fox News.
While it is unclear what the production cap was on the Lyriq, Rory Harvey, Cadillac vice president, told Fox News in March that it could be around 20,000 units.
GM does have plans to increase the production of the vehicle and will ramp up capacity at its Spring Hill facility for the coming year to meet demand.
The 2023 Cadillac Lyriq SUV has a $62,990 price tag. The vechicle develops 340 hp and a driving range of the SUV is 312 miles on a single charge.
Buyers of the 2024 model will have the option of a 500 hp all-wheel-drive configuration, priced at $64,990, Fox News said.
As of Friday premarket hours, shares of GM were trading at $33.34, up 35 cents, or 1.06%.