Navistar Raises Prices on International Brand Trucks
Citing high commodity prices, Navistar International Corp. said late Tuesday it is raising prices on its International brand trucks, effective immediately.
Price increases will vary by model, topping out at $1,600 per truck, the company said in a statement.
Prices have soared for commodities essential to truck manufacturing, such as crude oil, steel, aluminum, copper and precious metals used in new emissions-compliant diesel engines, Navistar said.
Since the beginning of this year, steel's price has doubled, while aluminum has risen 22%, platinum 32% and copper 23%. Crude oil prices have jumped more than 40%.
“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 Hebe, senior vice president of Navistar’s North American dealer operations.
“However, global commodity spikes are affecting all manufacturing and we finally, regretfully, must now share those additional costs with the customer,” Hebe said in a statement.
Navistar said it is “aggressively working to mitigate the higher commodity prices, as well as offset the negative impact of a weakened U.S. dollar, by attacking operational costs wherever possible and by negotiating greater efficiencies with suppliers.”
