DETROIT (Dec. 19) - General Motors Corp. said Tuesday it is raising prices on its 2008 model year vehicles by an average of 1.5 percent to help cover increasing steel and commodity costs.
The increases are effective with vehicles invoiced to dealers starting Wednesday and will not affect vehicles already in dealer inventory, the automaker said.
The price of most cars and trucks will increase by $100 to $500, but the prices of certain vehicles in more competitive segments, such as the four-cylinder Saturn Aura and the Chevrolet Malibu LS, will not increase at all, said Mark LaNeve, GM North America vice president for vehicle sales, service and marketing.
Prices will increase as much as $1,500 on some models, including the Cadillac XLR luxury sports coupe.
GM's U.S. sales dropped 11 percent in November from one year earlier, hurt by falling demand for trucks as well as cuts in sales to low-profit rental car fleets. GM's sales were down 6 percent for the first 11 months of the year.
GM shares rose 54 cents, or 2.1 percent, to $26.93 Tuesday.