GM announces price hike to partially recover rising costs

    CHICAGO, Dec. 18 (Xinhua) -- General Motors Corp. (GM) Tuesday announced a price adjustment on most of its 2008 model year vehicles to partially recover increasing steel and commodity costs.

    The price increases, averaging about 1.5 percent, are effective with vehicles invoiced to dealers on and after Dec. 19, 2007, said Mark LaNeve, GM North America's vice president for Vehicle Sales, Service and Marketing.

    "This targeted price increase is designed to partially recover ever-increasing commodity costs," LaNeve said.

    "While most cars and trucks in our portfolio will go up between100 to 500 U.S. dollars in hotly contested segments, many vehicles such as the Saturn Aura four-cylinder and the all-new Malibu LS will have no increase," he added.

    In 2006, nearly 9.1 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling.