GM to raise car prices due to oil, metal costs

By Associated Press
Posted Monday at 11:30 a.m.

General Motors Co. says it will raise prices by an average of $123 per vehicle to make up for higher oil and metal costs.

The company says the increase will go into effect in the U.S. starting May 2.

Spokesman Tom Henderson says the increase affects nearly all Buick, Chevrolet, GMC and Cadillac models.

Henderson says oil prices played a big role in the increase, as did steel and other metal costs.

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 raising 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.

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