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.
Source: Economy - investing.com
