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Can a move save Cadillac from its recent sales slump? General Motors sure hopes so as the automaker recently announced its plan to move its luxury brand headquarters from Detroit to New York City’s super posh SoHo neighborhood. The move is one of the first steps recently appointed Cadillac President Johan de Nysschen is taking in order to turn the brand into a stronger competitor in the luxury marketplace.

Another big announcement for the brand is the introduction of a new naming scheme which aims to compete with rival luxury brands. GM says that the next flagship Cadillac will be called the CT6, and that all future models will use the letters “CT” for all of its cars, with the number that follows indicating the model’s size and position within the brand line, very similar to BMW and Mercedes-Benz.

Cadillac’s current lineup has received lots of media praise over the past few years because of the exceptional driving dynamics and topnotch build quality of all its new products. But sales remain down for the brand and consumer interest is lukewarm at best due to questionable exterior styling and product pricing that is somewhat out of alignment with brand perception. In fact, Cadillac’s most recent sales figures from WardsAuto show that year-to-date sales are down by 4.2% through September compared to the same period in 2013. Year-to-date incentive spending at Cadillac is up by 14% compared to last year, and through September the brand has spent an average of nearly $6,300 per unit in order to spark sales. To make things even worse, September’s month-end days’ supply reached a towering 105 days, the highest of any luxury brand.

Looking ahead, De Nysschen shared with Cadillac dealers at a recent conference his plans to go more upscale by throttling back on production numbers. The master plan is to build fewer cars and trucks, and sell them for higher prices. It’s a simple formula, but Cadillac will need to build a product that can stand on its own both mechanically and aesthetically against other luxury competitors, and also resist the temptation down the road of being heavy handed with profit and retention eroding incentives to clear out unsold inventory.

Cadillac’s dealers will also have to adjust to selling fewer vehicles at higher prices, because selling fewer new units means less trade-ins as well as also fewer service repair tickets.

Cadillac’s new production, product pricing and renaming scheme could very well raise Cadillac’s brand image, but it’s not something that will happen overnight. GM has struggled for years to rebuild Cadillac, and they have many more hard years in front of them. Hopefully De Nysschen’s expertise in growing a brand, like he managed to do with Audi, will be fully realized in New York so Caddy is finally able to strike a loud, reverberating cord with luxury buyers.