GM: Iran war causing cost increases, but pricey vehicles continue to sell

In this article

DETROIT — General Motors

on Tuesday said the Iran war is causing cost increases to its business, but inflated consumer expenses such as higher gas prices haven’t deterred buyers from spending on pricey vehicles.

GM CEO Mary Barra said the Detroit automaker continues to monitor any change in customer spending but, so far, the company’s vehicle mix has remained healthy.

GM said it had an $52,000 average transaction price for vehicles during the first quarter, which was in line with last year. The average new vehicle transaction price across the industry for March, the most recent data available, was $49,275, according to Cox Automotive.