General Motors upped the price of its Hummer EV pickup truck by $6,250 late last week, citing higher commodity and transportation costs as reasons for the price increase.
The truck, now priced between $80,000 and $110,000, has over 77,500 reservations, all of which will be unaffected by the price increase, according to GM.
GM Chief Financial Officer Paul Jacobson told investors at a Deutsche Bank conference last Wednesday that the business was able to overcome $5 billion in higher supply chain costs by boosting prices and lowering expenses.
Tesla has also made cuts and instituted price increases to offset the costs of inflation and lack of raw materials. The EV maker increased the costs of its Model 3 and Model Y last month, marking the automaker’s fifth price hike in as many months. Rivian Automotive also faced backlash when the company increased the price of its electric vehicle pickup trucks by 20%, a decision that was ultimately reversed.
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