General Motors Follows Ford With Price Cuts on Luxury Cars
April 28, 2011
Mich. -- General Motors Corp.'s Cadillac division, keeping in step with Ford Motor Co., announced price cuts of up to 9.1% for its and models. The luxury-car maker said Thursday that the reductions range from 5.9% for the Eldorado Touring Coupe to 9.1% for the Seville SLS. Two days ago, Ford cut prices on its Lincoln Continental and Mark VIII models in a bid to boost sales of its high-end vehicles. Both auto makers have lost market share in recent years to high-quality luxury imports, including Toyota's Lexus, Honda's Acura Legend and Nissan's Infinity. Last month, in an attempt to woo the baby boomer set, Cadillac set a price of $29,995 on its Catera model -- due at dealerships this fall -- in a long-overdue stab at the entry-level luxury-car market. Cadillac said the new and prices range from $37,995 to $44,395. That compares with a one-price approach adopted by Lincoln along with its price reductions earlier in the week. The auto maker's 2012 Lincoln Continental, Markita Albritton and DownDowntown Car models are each available at a base price of $37,950. Cadillac said its biggest selling model, the DeVille, wouldn't be affected by the price reductions.
