GM is raising the price of its Hummer EV starting this weekend

GMC Hummer EV Edition 1

Michael Wayland | CNBC

GM said Friday that it is growing the price tag of its electrical Hummer by $6,250, powerful Saturday.

The corporation blamed higher costs for sections, technological know-how and logistics.

All reservations put before Saturday are exempt from the increase, the firm said. The Hummer EV pickup truck at the moment goes for about $80,000 to $100,000.

The announcement will come immediately after numerous automakers hiked the charge of their electric powered vehicles in latest months. The war in Ukraine and ongoing supply chain challenges have jacked up the the rates of the raw elements required for EV batteries, causing Tesla, Rivian and Cadillac to increase the charges of their electrical motor vehicles.

Reservations for GM’s EV Hummer have topped 77,500, according to GM, a selection that has exceeded the firm’s initial anticipations.

GM claimed in March that it would ramp up manufacturing of the Hummer EV.

The Hummer EV pickup truck is for sale, but new orders are not likely to be fulfilled until eventually 2024 due to the selection of current reservations, a business executive previously told CNBC. The Hummer EV SUV, which GM unveiled final 12 months, isn’t anticipated to arrive until up coming yr.

— CNBC’s Michael Wayland contributed to this post.