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Chrysler Ups Prices 2%

June 14, 2008
Despite plunging sales, Chrysler LLC said it's being forced to raise prices by 2008, starting Monday. The increase affects all new cars, trucks, and crossovers, except those already on dealer lots.

The timing may come as a surprise to some, considering the automaker's declining fortunes. Chrysler sales plunged 25.4 percent in May alone, largely on the truck side - which typically accounts for around two-thirds of the automaker's total volume.

But Chrysler officials insist they have no choice considering the huge run-ups the industry has faced for commodities ranging from rubber to steel. And they point out that other manufacturers have also bumped up sticker prices - General Motors by as much as $1,500 - in recent months to cover at least some of those commodity increases.

At 2 percent, the increases will average around $500 for a typical Chrysler passenger car, and slightly higher for the maker's trucks.

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