Navistar International Corp. has announced it will increase prices on International trucks, effective immediately, due to increasing commodity prices. According to the company, price increases will vary by model up to $1,600 per truck.
“We are acutely aware of the financial constraints that many truck customers are currently facing and have been working diligently to absorb as much of these costs as possible,” said James L. Hebe, senior vp, North American dealer operations for Navistar. “However, global commodity spikes are affecting all manufacturing and we finally, regretfully, must now share those additional costs with the customer.”
According to Navistar, since the beginning of 2008, the price of steel has increased 100%, aluminum 22%, platinum 32% and copper 23%, as well as a 40% spike in crude oil prices. The company said it would reduce operational costs wherever possible to help mitigate the higher commodity prices.