General Motors raised the price of its Hummer EV electric pickup truck by $6,250 following rising commodity, shipping and technology costs. The increase in the price of the Hummer EV was carried out in the midst of high demand for these electric vehicles.
Quoted from Reuters, Saturday (18/6), the Hummer EV is currently selling for around 80,000 US dollars to 110,000 US dollars. The Hummer EV has more than 77,500 orders that will not be affected by the price increase, as the price increase only applies to vehicles ordered on or after Saturday, GM said.
Companies have been able to offset $5 billion in higher supply chain costs by raising prices and cutting costs, GM Chief Financial Officer Paul Jacobson told investors at a conference sponsored by Deutsche Bank on Wednesday.
Tesla recently raised the price of its electric vehicles due to a similar issue, marking the automaker’s umpteenth price hike in months.
Electric vehicle maker Rivian Automotive Inc has also raised the price of its pickup trucks by 20 percent, but the company canceled increases on vehicles ordered before March 1 after facing backlash from customers.