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Share Name | Share Symbol | Market | Type |
---|---|---|---|
General Motors Company | NYSE:GM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.19 | 0.43% | 44.86 | 45.545 | 44.505 | 45.03 | 10,046,012 | 01:00:00 |
By Jeff Bennett
General Motors Co. intends to invest more than $12 billion into new Cadillac vehicle development over the next five years, paving the way for the luxury nameplate to build eight new vehicles.
Cadillac brand chief Johan de Nysschen intends to disclose the sizable investment strategy on Tuesday as he looks to stir up new sales for the brand in the U.S. and China, which he termed as the brand's "second growth hub."
Mr. de Nysschen, a former Nissan Motor Co. executive, was hired in July 2014 to turn around Cadillac sales. The brand has been losing market share, especially in the U.S., to foreign competitors such as Daimler AG's Mercedes-Benz and BMW AG.
One of his first steps as president is to move Cadillac's headquarters to New York from Detroit. He intends to have staff relocate to temporary offices in New York in June, with permanent offices for about 120 employees opening in September. The move is designed to steep workers in the luxury trends found in a cosmopolitan city like New York.
The $12 billion investment gives Mr. de Nysschen the fire power he needs to expand Cadillac's portfolio and compete in some of the "white spaces in China" where the brand doesn't currently compete--such as in compact crossovers.
"Eight new products have already been approved," Mr. de Nysschen said on the sidelines of the North American International Auto Show in Detroit. "Five are all new and there are two more right on the horizon and I am trying to pull [their introduction] into this decade. At this moment they just squeak out on the other side."
He added that the focus with these new vehicles will be set on China and rapidly develop the region as a "second volume hub" for the brand. The first new vehicle, a full-size sedan called the CT-6, will be announced in the next two months.
"That is what will afford us to develop all the cars we also need to be successful in the U.S.," Mr. de Nysschen said. "There is a huge lot of different consumers we need to address outside the U.S. and here, the baby boomers which constituted our traditional customer base are going to be important. But by 2020, 80% of the luxury purchases will be by Generation X and millennials; we have to cultivate the brand now."
Write to Jeff Bennett at jeff.bennett@wsj.com
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