GM raises the price of the Hummer EV by over $6,000 as commodity

• General Motors raises the price of its Hummer EV pickup truck by $6,250 to $110,000.
• The increase comes as it seeks to mitigate higher commodity and shipping costs amid high demand for cars and trucks.
• 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 this week.

General Motors Co (GM.N) on Friday raised the value of its Hummer EV pickup truck by $6,250 as it looks to moderate-higher product and delivery costs in the midst of popularity for vehicles and trucks.

The pickup, at present estimated at about $80,000 to $110,000, has in excess of 77,500 existing appointments which won’t be affected by the cost climb as it will happen for vehicles held on or after Saturday, GM said.

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The organization has had the option to counterbalance $5 billion in higher production network costs by raising costs and cutting costs, GM Chief Financial Officer Paul Jacobson told financial backers at a gathering supported by Deutsche Bank on Wednesday.

Last month, Tesla (TSLA.O) raised its Model 3 and Model Y costs, denoting the automaker’s fifth cost expansion in only a couple of months.

EV creator Rivian Automotive Inc (RIVN.O) has likewise raised costs on its pickup trucks by 20%, be that as it may, the organization moved back the climbs on vehicles booked before March 1 subsequent to confronting reaction from clients.