Cadillac is developing an updated version of the 2016 Cadillac ELR hybrid that will reportedly debut at the 2014 Los Angeles Auto Show.

The 2016 ELR will have "engineering enhancements" and is expected to be unveiled at the November event, Cadillac spokesman David Caldwell told Edmunds.com.

A premium take on the Chevrolet Volt, the ELR competes with models such as the BMW i3, Porsche Panamera SE Hybrid and Tesla Model S. 

The ELR plug-in hybrid was an all-new model for the 2014 year; the improved 2016 version should be in dealerships in the first half of next year.

Consumers in the market for an ELR might want to look into buying one while dealership incentives are high. Some dealers have been offering as much as $30,000 in incentives to boost ELR sales; the model has only sold 774 vehicles through August, Edmunds reported.

"Inventory levels have come down quickly with these incentives, so I would expect them to start scaling back fairly soon," Joe Langley, a principal analyst for IHS Automotive, told Edmunds.

The plug-in starts at $75,995, which includes $995 in shipping fees. Thanks to green vehicle incentives, an ELR purchase should be eligible for a federal tax credit of up to $7,500 as well as any state or local tax credits.

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