Cadillac to pull out of most European markets
There was a time when General Motors' Cadillac brand was the world's standard for luxury motoring but, thanks to more than a few suspect models, that title doesn't hold true today. As such, Cadillac has had a difficult time gaining a foothold in the European market, forcing the brand to pull out of half its European markets.
The Cadillac brand is currently sold in 25 European countries, but that number will be reduced to less than half in the coming weeks. "We will take it down to less than a dozen markets," a GM Europe source told Automotive News Europe. GM will continue to market the brand in such countries as Russia, the UK and Switzerland where the marque is still a strong seller.
GM was forced to pull the Cadillac brand out of most of its European markets because of poor sales. The company that distributes Cadillac for GM in Europe -- Kroymans Corp. - filed for bankruptcy on March 20th, largely due to falling GM sales. Kroymans also distributed the Hummer and Corvette brands for GM in Europe - both of which have experienced declining sales in recent months.
GM planned to sell 7,500 Cadillac vehicles a year in Europe when it signed on with Kroymans back in 2003, but only managed to sell 4,556 units in 2008.