The launch of the Cadillac CTS has been postponed thanks to the global downturn. Originally, the CTS was suppose to go on sale late last year but the challenging market conditions, the global financial crisis and worsening exchange rates were all cited as contributing to the decision to delay the Australian debut of the CTS planned for later this year.
Chairman and Managing Director Mark Reuss said: "GM Holden was faced with making a significant investment to launch a new, niche brand into a tough market. There is only one chance to properly launch this brand in Australia and in these challenging times, we believe we couldn't give it the best chance of success.
"At GM Holden, we will devote our energies towards our core operations that include a range of alternative-fuel technologies, a second car line at Elizabeth to build a new fuel-efficient four-cylinder small car and future-generation Commodores for Holden," he added.
"There is only one chance to launch this brand in Australia and in these challenging times, we believe we couldn't give it the best chance of success"
"This was a difficult decision but the only viable decision."
"There is no doubt the Cadillac CTS is a magnificent vehicle and the response since it was revealed at the Australian International Motor Show in October has been very positive. But obviously since then the market for new cars has continued to deteriorate, the broader economic environment difficulties remain largely unchanged and the exchange rate has worsened for imports," Reuss added.
