GMC Hummer EV Edition 1
Michael Wayland | CNBC
GM said Friday that it is increasing the price of its electric Hummer by $ 6,250, effective Saturday.
The company blamed higher prices for parts, technology and logistics.
All reservations placed before Saturday are exempt from the increase, the company said. The Hummer EV pickup truck currently goes for about $ 80,000 to $ 100,000.
The announcement comes after several automakers hiked the cost of their electric vehicles in recent weeks. The war in Ukraine and ongoing supply chain challenges have jacked up the prices of the raw materials necessary for EV batteries, causing Tesla, Rivian and Cadillac to raise the prices of their electric vehicles.
Reservations for GM’s EV Hummer have topped 77,500, according to GM, a number that has exceeded the company’s initial expectations.
GM said in March that it would ramp up production of the Hummer EV.
The Hummer EV pickup truck is for sale, but new orders are unlikely to be fulfilled until 2024 due to the number of current reservations, a company executive previously told CNBC. The Hummer EV SUV, which GM unveiled last year, is not expected to arrive until next year.
– CNBC’s Michael Wayland contributed to this article.