DETROIT — The 2016 Cadillac ELR plug-in hybrid coupe is priced at $65,995, reflecting a $10,000 price cut over the current model.
The price includes a $995 destination charge and does not include a $7,500 federal tax credit. With the federal tax credit, the ELR is priced at $58,495.
The 2016 ELR is expected to arrive at Cadillac dealerships in late summer.
The 2014 ELR starts at $75,995, including shipping. There is no 2015 ELR.
All ELRs get software upgrades to the battery system for improved power and acceleration.
The 2016 ELR will deliver an estimated range of about 39 miles in electric mode, the automaker said. The current ELR has a range of 37 miles in electric mode, according to the EPA. The EPA has not posted official data on the 2016 ELR.
A modified Sport mode on the 2016 model propels the ELR from zero to 60 mph in 6.5 seconds, a 1.4-second improvement from the current model, GM said.
Steering and suspension upgrades include a stiffer rear axle and revised brake hardware.
The 2016 ELR gets a new grille and new standard safety systems, including side blind-zone alert, rear cross-traffic alert and Intellibeam headlights. Lane change alert and a new vehicle security system are also standard. Adaptive cruise control is optional.
Other details include OnStar with 4G LTE and a standard built-in Wi-Fi hotspot.
A new optional Performance package includes new 20-inch summer-only performance tires on new sport wheels, front Brembo four-piston brake calipers and a sport steering wheel with a thicker rim.
The key competitor to the ELR is the 2015 Tesla Model S sedan.
Cadillac spokesman David Caldwell told Edmunds that 1,620 ELRs have been sold since the vehicle launched in January 2014.
He added: "Remember that this car is very unique. There is no precedent or existing segment for an electrified luxury coupe. There was not an established category or context for its price and performance. In this way I think it's pretty natural that we would refine the engineering of the car and its price position over time."
The price cut follows lower fuel prices in the U.S. The AAA Daily Fuel Gauge Report on Wednesday pegged the average price for a gallon of unleaded gasoline at $2.39 versus $3.64 a year ago.
"Gas prices remain stable and cheap," it noted.
Edmunds says: The price reduction and improvements to the 2016 Cadillac ELR should make it more attractive to shoppers seeking an electrified alternative.