No production schedule has been set, but the go-ahead came after a Nov. 2 presentation to the GM board of directors, The Detroit News reported Monday.
Analysts said a premium brand electric vehicle would help defray production costs for GM's move to electricity-powered cars. GM has already spent $1 billion researching electric vehicles, much of it focused on the Volt, which is scheduled to go into production late next year.
Rebecca Lindland, director of industry research at IHS Global Insight said, "Cadillac needs as much excitement in its portfolio as possible, so I think it's a good strategy for them."
"A snazzy-looking little car like that would be cool," California Cadillac dealer Scott Allen said.
Copyright 2009 by United Press International.
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