General Motors has been on an EV price cutting spree as of late, announcing on April 14 that the sticker price for the Chevrolet Spark EV would drop to $25,995.
Now GM is making its upcoming Cadillac electric plug-in hybrid a little more affordable.
The Detroit-automaker announced that it will sell the 2016 ELR hybrid coupe for $58,495, when including U.S. federal tax credits of $7,500, according to a company release.
Its predecessor, the 2014 ELR, sells for as low as $67,500 after U.S. federal tax credits of $7,500.
GM didn't release a new ELR for the 2015 model year, probably so they could start working on upgrades for the 2016 model. If so, they made a wise choice.
ELR's software improvements to the battery system will give the car enough of a boost to go 0 to 60 in 6.4 seconds, a 1.5 improvement from the 2014 model, said GM.
Other new features include a new grille, lane-change alert, OnStar with 4G LTE and built-in Wi-Fi hotspot.
Cadillac President Johan DE Nysschen took a swing at rival automakers in a statement on Wednesday, saying that the ELR's "enhanced driving performance" will eliminate all concerns over range, "which has been the Achilles' heel of other competitors in the luxury segment."
So what will the 2016 model deliver? Around 39 miles in electric mode, whereas the current ELR has a range of 37 miles, according to the EPA. Official estimates will be announced closer to the ELR's release date.
GM sold 311 ELRs during the first three months of 2015, compared to just 180 during the same time last year, according to The Wall-Street Journal.
Expect the new 2016 Cadillac ELR to reach your local dealership by September.