2013 Chevrolet Malibu

General Motors said it will increase prices on its vehicles by an average of $123 per vehicle to make up for higher oil and metal costs. The Detroit automaker said that the price increase will go into effect in the United States starting May 2.

GM spokesman Tom Henderson said that the price increase will hit all Buick, Cadillac, Chevrolet and GMC models. He said that rising oil prices played a big role in the increase, along with the increase in the price of steel and other metals.

GM’s announcement comes a month after Toyota said it will increase its prices on most 2011 Toyota, Scion and Lexus models by 1.2 and 2.2 percent.

- By: Omar Rana

Source: Detroit News