DETROIT (AP) -- General Motors Co. said Monday it will raise car and truck prices by an average of $123 per vehicle to make up for higher oil and metal costs.
The increases, which affect nearly all Buick, Chevrolet, Cadillac and GMC models, will go into effect in the U.S. starting May 2. The higher prices are limited to the United States, spokesman Tom Henderson said.
Higher oil and steel prices played a big role in the increase, as did the cost of other metals used to make vehicles, Henderson said.
Oil prices affect the cost of plastic parts and tires, as well as filling cars with gas before they are sold.
GM is not alone in hiking prices. Toyota Motor Corp. said last month it would raise prices on most 2011 Toyota, Scion and Lexus models between 1.2 percent and 2.2 percent.
Shares of GM fell 24 cents, or 0.8 percent, to $30 in early afternoon trading.
The increases, which affect nearly all Buick, Chevrolet, Cadillac and GMC models, will go into effect in the U.S. starting May 2. The higher prices are limited to the United States, spokesman Tom Henderson said.
Higher oil and steel prices played a big role in the increase, as did the cost of other metals used to make vehicles, Henderson said.
Oil prices affect the cost of plastic parts and tires, as well as filling cars with gas before they are sold.
GM is not alone in hiking prices. Toyota Motor Corp. said last month it would raise prices on most 2011 Toyota, Scion and Lexus models between 1.2 percent and 2.2 percent.
Shares of GM fell 24 cents, or 0.8 percent, to $30 in early afternoon trading.