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GM Longs to Build Electric Cadillacs
Car could boost brand's image but hurt automaker's bottom line
By Wesley Oliver
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Posted Aug 22, 09 6:00 PM CDT
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(Newser)
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Old dreams apparently die hard at GM. For months, the automaker has been yearning to build a gasoline-electric luxury Cadillac, but the Treasury Department and naysayers within the company say the price tag would be too high. Now, with the company dramatically reorganized, the Cadillac Converj could be coming to a showroom near you—if funding is ever approved, BusinessWeek reports.
The Converj would use the same fuel-efficient engine as the Chevy Volt, which will hit showrooms next year—and likely lose money for a decade. Still, supporters like Vice Chairman Bob Lutz insist the Converj would make Cadillac a leader in high-tech luxury. “It’s like a BMW Z8: You do it for the brand,” one consultant says. And most wealthy greenies are paying a mere $25,000 for Toyota Priuses; surely the Converj could lure some away.