International to hike prices due to rising materials costs
August 1, 2008
WARRENVILLE, Ill. - Navistar has announced that rising commodity costs are forcing the company to increase the prices of International trucks. The price increases, which will vary by model and reach u...
WARRENVILLE, Ill. – Navistar has announced that rising commodity costs are forcing the company to increase the prices of International trucks. The price increases, which will vary by model and reach up to US$1,600 per truck, will take effect immediately.
Raw materials such as crude oil, steel, aluminum, copper and precious metals have all become more expensive in recent months. For instance, since the beginning of 2008, steel prices have climbed 100%, aluminum 22%, platinum 32% and copper 23%, according to Navistar.
“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 vicepresident, North American Dealer Operations, Navistar. “However, global commodity spikes are affecting all manufacturing and we finally, regretfully, must now share those additional costs with the customer.”
He went on to say Navistar is doing everything it can to mitigate the higher commodity prices by improving efficiencies and trimming operational costs.
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