[THE INVESTOR] American luxury brand Cadillac’s CT6 Turbo made its debut in Korea on Sept. 14, with a price tag much lower than in the US.
GM Korea, the local importer and distributor of Cadillac cars, unveiled the more affordable version of the CT6 large sedan -- powered by turbocharged 2.0-liter V4 gasoline engine. The car’s floor price is set at 69.8 million won (US$61,614), 8 million won lower than the US with same specifications. It’s also much cheaper than other CT6 models -- powered by 3.6-liter V6 gasoline engine -- that debuted in Korea last year. The CT6 Premium is priced at 78.8 million won, while the top-of-the-range Platinum trim is priced at 95.8 million won.
Cadillac CT6 Turbo
“The price cut is in line with Cadillac’s investment efforts in Korea,” Kim Young-sik, president of GM Korea, told reporters after the unveiling event. “The Cadillac brand in Korea is still in the growing stage and we felt it was critical to provide a reasonable price for great value to customers.”
He stressed the Korean market is important for the Cadillac brand. It is the world’s fourth-largest market for General Motors’ luxury marque, after the US, China and Canada. “Korea is a country with great potential and we are seeking to expand investments in the market further,” said Kim.
He added Cadillac will continue to offer price benefits in the Korean market, even after it gains market share in a country where German brands dominate the luxury imported car segment.
Cadillac cars have recently enjoyed record sales here. The brand, which sold only around 300 units in 2013, increased fivefold last year when it reported 1,103 units in sales, up 24 percent on-year. The feat is largely attributed to the popularity of flagship models ATS sedan and CT6 large sedan, as well as the 2012 US-Korea Free Trade Agreement, with tariffs on US carmakers reduced from 8 percent to 4 percent.
Kim said he expects to reach 2,000 units in sales for the Cadillac brand this year, once the CT6 Turbo begins delivery in October. His goal is ambitious, with plans to bring the sales up to 3,000 units next year, by selling more than 1,000 units of CT6 models.
By Ahn Sung-mi (email@example.com)