U.S. President Joe Biden drives a Hummer EV as he excursions the Basic Motors ‘Manufacturing facility ZERO’ electrical car meeting plant in Detroit, Michigan, U.S. November 17, 2021. REUTERS/Jonathan Ernst

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June 17 (Reuters) – Basic Motors Co (GM.N) on Friday raised the worth of its Hummer EV pickup truck by $6,250 because it seeks to mitigate greater commodity and transport prices amid excessive demand for vehicles and vans.

The pickup, presently priced at about $80,000 to $110,000, has greater than 77,500 present bookings which won’t be impacted by the worth hike as it’s going to come into impact for autos reserved on or after Saturday, GM stated.

The corporate has been in a position to offset $5 billion in greater provide chain prices by elevating costs and chopping bills, GM Chief Monetary Officer Paul Jacobson instructed traders at a convention sponsored by Deutsche Financial institution on Wednesday. learn extra

Final month, Tesla (TSLA.O) raised its Mannequin 3 and Mannequin Y costs, marking the automaker’s fifth value enhance in only a few months. learn extra

EV maker Rivian Automotive Inc (RIVN.O) has additionally raised costs on its pickup vans by 20%, nonetheless, the corporate rolled again the hikes on autos booked earlier than March 1 after dealing with backlash from prospects. learn extra

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Reporting by Kannaki Deka in Bengaluru;
Modifying by Vinay Dwivedi

Our Requirements: The Thomson Reuters Belief Ideas.