GM Joins Ford, Toyota In Price-Hiking
April 10th, 2023 12:30 PM
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You can just about kiss those worries about a US price war goodbye, as GM has become the third major automaker to raise its US market MSRPs in April alone. Like Toyota and Ford before it, GM is raising its prices by about $100 per vehicle ($123 on average) in response not to Japanese parts shortages, but steadily increasing raw material costs. According to the WSJ, the price increase takes effect starting on May 2. And, TrueCar’s Jesse Toprak tells Fox,
The advice would be, based on what we see today, we don’t see any kind of ease in price anytime soon. The prices of everything will go up, moving forward.
Now all GM needs to do is start easing off its incentives so that those MSRPs actually mean something.
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I'd hardly call $100 a price hike, but as you say, MSRP is meaningless, anyway.
instead they should have lowered prices and been the good guys. how predictable? keep up the $10,000 rebates/discounts. Ewanick should be fired immediately for gross negligence and extreme incompetence.
And you can kiss this so called futile economic recovery goodbye if oil hits $5.00 per gallon because everything around you will sore up in price with record unemployment, wage freezes and cuts etc. Most people I know have already cut back on travel plans, myself included and are watching every dollar spent living in fear of what lies ahead next year. Way to go speculators!
LCD television prices have been falling steadily for the last 5 years but it's not really what I would call a "price war"--more like "competitive market with maturing technology." I'd suggest that a "price war" is when companies sacrifice profits in order to gain market share or put competitors out of business. By that definition, if price increases are less than input cost increases, this could still be considered a price war scenario.