GMC Hummer EV Edition 1
Michael Wayland | CNBC
GM said Friday it is raising the price of its electric Hummer by $6,250, effective Saturday.
The company blamed higher prices for parts, technology and logistics.
The company said that all reservations made before Saturday are exempt from the increase. The Hummer EV pickup truck currently costs about $80,000 to $100,000.
The announcement comes after several automakers have raised the cost of their electric vehicles in recent weeks. The war in Ukraine and ongoing supply chain challenges have driven up prices for raw materials for electric car batteries, prompting Tesla, Rivian and Cadillac to raise prices for their electric vehicles.
Reservations for GM’s EV Hummer exceeded 77,500, according to GM, a number that exceeded the company’s initial expectations.
General Motors said in March that it would increase production of the Hummer EV.
The Hummer EV pickup truck is on sale, but new orders aren’t likely to be met until 2024 due to the number of existing reservations, a company executive previously told CNBC. The Hummer EV SUV, which General Motors revealed last year, isn’t expected until next year.
CNBC’s Michael Wayland contributed to this article.