General Motors is slashing prices for select Cadillac CTS packages by as much as $3,000 in an effort to boost sales.
The model's three top-selling package options will get a price cut, a GM spokesman confirmed to Reuters. Keeping with earlier remarks from Cadillac President Johan de Nysschen, the starting price won't be changed, but cuts will be applied to package options.
While the starting price for the CTS will stay at $46,340, the cost for the luxury, performance and premium packages is being cut by $1,000 to $3,000.
These price cuts will affect the "vast majority" of CTS models, Cadillac spokesman David Caldwell told Reuters.
"After Cadillac launched the entry-level ATS, it got too aggressive on moving the price up of the redesigned CTS--and too optimistic about the sales volume at that price." AutoTrader.com senior analyst Michelle Krebs told Reuters. "Despite the CTS being a solid vehicle, the Cadillac brand still does not have the cachet to charge such high premiums yet."
Cadillac has been struggling, and the CTS sedan saw a nearly 18 percent fall in sales in December. GM had a 102-day supply of CTS cars left as of December 2014, Reuters reported via Wards Auto.
The brand's sales slumped last year, falling 6.5 percent compared with 2013 and taking the carmaker down to 5th place in the American luxury auto market.
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