In 1930, Cadillac released the famous V16, followed by the V12 in 1931. Packard, Cadillac’s competitor in the U.S. market of luxury cars, could not stand by idly. The V12, on this LeBaron Speedster, was launched in 1934. Unfortunately, Packard was still suffering from the Great Depression and rapidly had to develop more economic models to keep its head above water.