General Motors Company (GM) recently announced its plans to showcase the redesigned Cadillac CTS at the auto show in N.Y. next month. The mid-sized luxury sedan is set to be pitted against BMW’s popular 5- series.
The company introduced the current version of CTS in 2007 to strengthen the position of the Cadillac brand among the older customers. However, sales volume of the vehicle dropped last year due to the introduction of new compact ATS and the larger XTS last year.
Cadillac CTS will hit the market as a 2014 model. The company also plans to launch 10 all-new or significantly refreshed vehicles globally over the next three years. Cadillac will also introduce an ATS vehicle next year.
General Motors is a leading global automotive company. The company has presence in almost 120 countries and has facilities located in 30 countries. It currently retains a Zacks Rank #3 (Hold).
General Motors posted profit of $0.8 billion or 48 cents per share in the fourth quarter of 2012 compared with $0.7 billion or 39 cents in the same quarter of 2011. The earnings per share missed the Zacks Consensus Estimate by a penny,
Revenues moved up 3.4% to $39.3 billion in the quarter, higher than the Zacks Consensus Estimate of $38.6 billion. Unit sales escalated 4.2% to 2.3 million vehicles. The improvement was driven by an increase in worldwide sales volume to 2.3 million units.
Commercial Vehicle Group Inc. (CVGI), Oshkosh Corporation (OSK) and Strattec Security Corporation (STRT) are performing well in the same industry where General Motors operates. All of them hold a Zacks Rank #1 (Strong Buy).
More From Zacks.com