New convertible Cadillac will share a platform with the upcoming 2013 ATS as well as the next-generation CTS.

Cadillac is going to try it again.

After canceling the XLR back during the worst of its woeful days in 2009, Cadillac is developing a new soft-top convertible that will rival the likes of the Audi A5 cabriolet.

The new model will be built on the upcoming Alpha platform, one that will also underpin the 2013 ATS and the next-generation CTS, and will be slotted between those models in the product lineup.

But the model will be its own vehicle an won't just be a convertible variant of the upcoming ATS (a compact sedan).

Cadillac promises to price the new convertible competitively, probably even cheaply and undercut the competition on that front.

The model will go up against other soft-top rivals such as the aforementioned Audi A5 cabriolet, as well as the E-Class convertible from Mercedes-Benz. Other competitors are hard-top folding-roof jobs like the BMW 3-Series cabrio and the Lexus IS.

Engines possibilities are wide open, from turbocharged four-cylinder to V6 and V8 units.

The new Cadillac convertible model will likely debut sometime in 2013, marked as a 2014 model-year.