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GENERAL MOTORS CORPORATION (GM)
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General Motors : GM's Lansing Cadillac plant gets $175 million to build new sedans

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06/19/2018 | 02:12am CEST

June 18--General Motors is investing $175 million in its Lansing Grand River plant, where it builds Cadillac sedans.

The money will pay for new tooling and equipment for a project that will halt production of two Cadillac sedans and replace them with two yet-to-be-named products.

The plant is currently home to the Chevrolet Camaro coupe, convertible and high performance; the Cadillac CTS and Cadillac ATS.

GM's new cars to be built at the Lansing plant are expected to debut sometime before 2021.

"Cadillac is on the cusp of rolling out the most aggressive product portfolio expansion in the brand's history," Steve Carlisle, Cadillac's president, said in a media statement. "The continued investment in our North American facilities helps ensure we will remain on the forefront of manufacturing technology as our next generation of luxury vehicles are launched."

The investment in Lansing Grand River is welcome news for UAW members and U.S. consumers, UAW Vice President Terry Dittes, director of the UAW-GM Department, said in a media statement.

"We hope General Motors continues the policy of 'we build where we sell,' as American taxpayers counted on that commitment during GM's darkest days when they were on the brink of bankruptcy," said Dittes.

Cadillac is in the midst of a brand renaissance. GM in April abruptly replaced four-year Cadillac chief Johan de Nysschen, with Carlisle. De Nysschen had been leading a $12 billion overhaul designed to help Cadillac compete in the luxury market globally.

It made strong gains in China last year, increasing sales by 51 percent compared with 2016 and selling more vehicles in China than in the U.S.

But Cadillac is making sales strides. Through the end of the first quarter, the brand's new vehicle fleet and retail sales increased 8.1 percent in the U.S. compared with a year ago, according to Kelley Blue Book Sales and Data Report. Globally, it reported first-quarter sales soared 22.5 percent to 96,321 supported by strong sales in China.

Cadillac has had success, too, with the strong-selling XT5, a mid-sized SUV. Cadillac launched the XT5 about two years ago. It competes with the Lincoln MKX, Audi Q5 and BMW X5. The XT5 is built in Spring Hill, Tenn., where GM invested $253 million last fall on tooling in preparation to build it and a "future SUV" there.

Cadillac will roll out the 2020 XT6 large SUV in 2019.

Cadillac will launch the 2019 XT4 compact SUV this fall. It will be built in the Fairfax Assembly and Stampling plant in Kansas City. Industry experts said the XT4 is smartly priced, starting at about $35,000.

Cadillac builds the XTS sedan in Oshawa, Ontario.

Contact Jamie L. LaReau at [email protected] or 313-222-2149. The Lansing State Journal contributed to this story.

___

(c)2018 the Detroit Free Press

Visit the Detroit Free Press at www.freep.com

Distributed by Tribune Content Agency, LLC.

© Tribune Content Agency, source Regional News

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Financials ($)
Sales 2018 146 B
EBIT 2018 11 310 M
Net income 2018 8 521 M
Finance 2018 4 960 M
Yield 2018 3,48%
P/E ratio 2018 7,04
P/E ratio 2019 6,85
EV / Sales 2018 0,39x
EV / Sales 2019 0,38x
Capitalization 61 879 M
Chart GENERAL MOTORS CORPORATION
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General Motors Corporation Technical Analysis Chart | GM | US37045V1008 | 4-Traders
Technical analysis trends GENERAL MOTORS CORPORATION
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TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 48,4 $
Spread / Average Target 10%
EPS Revisions
Managers
NameTitle
Mary Teresa Barra Chairman & Chief Executive Officer
Daniel Ammann President
Charles K. Stevens Chief Financial Officer & Executive Vice President
Randall D. Mott Chief Information Officer & Senior Vice President
Patricia Fiorello Russo Independent Director
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