Surging demand for this year’s most hotly anticipated EVs is smashing order books and lengthening waitlists.
The $60,000 Cadillac Lyriq SUV is the latest model to close its 2023 order book. The automaker said it has shifted the Lyriq’s waitlist to the 2024 model, which is still open for orders.
But rising supply chain costs mean that customers of the Lyriq and other EVs may pay hundreds or thousands of dollars more for a vehicle that arrives months later than expected. That’s especially true for companies that have had to slash their 2022 production forecasts due to component shortages.