DETROIT -- General Motors Co. plans to raise prices on most of its vehicles starting next month in response to escalating raw-materials costs.
Today, GM notified its 4,500 U.S. dealers that the increases will average $123, or 0.4 percent, starting May 2.
"The increase is a response to the continued rise in materials costs, which has been driven by an increase in commodity prices," GM spokesman Tom Henderson said.
The price increases will be widespread across Chevrolet's portfolio, according to the notice sent to Chevy dealers today. The memo said prices are slated to rise on the Camaro and Corvette sports cars, the Malibu and Impala sedans, the Avalanche truck, the Traverse crossover and the light-duty Silverado and Colorado pickups.
The memo did not mention the Equinox crossover or the Cruze compact, two of Chevy's hottest-selling vehicles.
GM's move echoes a boost by rival Ford Motor Co. On April 1, Ford lifted its prices on 2011 models an average of $117, or 0.4 percent.
Toyota Motor Sales U.S.A. Inc., coping with a rising yen and an earthquake-shattered supply chain, is also raising prices an average 1.7 percent on many 2011 Toyota, Scion and Lexus models, starting next month.
Henderson cited rising oil prices as a factor but declined to say which materials are raising GM's costs the most. He also declined to say which vehicles would see price increases, citing competitive reasons.
As of the end of March, GM had a U.S. inventory of 574,000 vehicles, or about a 75-day supply. Henderson said the price increase was unrelated to parts shortages from Japan, which have crimped production at Japanese automakers and some Detroit 3 operations.