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GM hikes Hummer EV price by over $6,000 as commodity, shipping costs rise

Economy Jun 17, 2022 04:16PM ET
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© Reuters. U.S. President Joe Biden drives a Hummer EV as he tours the General Motors 'Factory ZERO' electric vehicle assembly plant in Detroit, Michigan, U.S. November 17, 2021. REUTERS/Jonathan Ernst

(Reuters) - General Motors Co (NYSE:GM) on Friday raised the price of its Hummer EV pickup truck by $6,250 as it seeks to mitigate higher commodity and shipping costs amid high demand for cars and trucks.

The pickup, currently priced at about $80,000 to $110,000, has more than 77,500 existing bookings which will not be impacted by the price hike as it will come into effect for vehicles reserved on or after Saturday, GM said.

The company has been able to offset $5 billion in higher supply chain costs by raising prices and cutting expenses, GM Chief Financial Officer Paul Jacobson told investors at a conference sponsored by Deutsche Bank (ETR:DBKGn) on Wednesday.

Last month, Tesla (NASDAQ:TSLA) raised its Model 3 and Model Y prices, marking the automaker's fifth price increase in just a few months.

EV maker Rivian Automotive Inc has also raised prices on its pickup trucks by 20%, however, the company rolled back the hikes on vehicles booked before March 1 after facing backlash from customers.

GM hikes Hummer EV price by over $6,000 as commodity, shipping costs rise
 

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Comments (2)
Alan Rice
Alan Rice Jun 17, 2022 5:36PM ET
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How about a diesel Prius ??
nick cage
nick cage Jun 17, 2022 4:29PM ET
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EVs account for around 6% of cars on the road and lithium has gone from 6000 t to 60000 t. when 40% are ev the average battery for the car will be over 200k.
Fernando Saldanha
Fernando Saldanha Jun 17, 2022 4:29PM ET
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Not really. Because that would make EVs become so expensive that nobody would buy them and there would no demand for lithium.
 
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