General Motors will invest $12 billion into its struggling Cadillac brand to launch eight new models by 2020 and two more in the next decade, Bloomberg reported.
Once an industry leader, the luxury brand has long been struggling and saw sales fall 6.5 percent in the United States last year. Cadillac's next move will be to focus on the crossover sport utility vehicle segment, said President Johan de Nysschen.
The carmaker will slot two SUVs below the SRX, currently Cadillac's only crossover SUV offering, and one above it. Cadillac also has a sedan in the works that will go on sale this year to sit above the CT6 sedan in size.
GM hopes to re-establish the luxury brand in the U.S. and then invest in a European expansion. Cadillac received a boost in the early 2000s from the Escalade full-size SUV and the first CTS sedan before being derailed during GM's 2009 bankruptcy and restructuring.
Chief de Nysschen has been rolling out big plans for Cadillac that include a top-of-the-line model slated for late 2015 and a $14 billion investment to launch five new factories in China. In a move to establish Cadillac's independence, the brand is shifting headquarters to New York City's Hudson Square.
Cadillac's leader recently spoke to AutoWorldNews about the future of the ELR, the brand's lukewarm first attempt at a plug-in hybrid offering.
"I absolutely believe that we need not only a successor to ELR but more vehicles of that caliber and they will be part of our future," de Nysschen told AutoWorldNews. "We must not give up on the car. I cannot have 50 priorities at the same time. The team and I will get around to working on ELR, but it is clearly going to be a niche car."
See Now: OnePlus 6: How Different Will It Be From OnePlus 5?
