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Automakers Boost 2003 Prices Slightly

August 21, 2002

General Motors Corp., Ford Motor Co. and DaimlerChrysler AG's Chrysler unit raised prices on 2003-model cars and light trucks as the U.S. automakers try to improve profit margins being squeezed by incentives, accoridng to Bloomberg News.Chrysler raised prices about 0.5 percent, or an average of $125 a vehicle, spokesman Marc Henretta said. Ford's boost averages 0.4 percent, or about $120, spokeswoman Susan Krusel said. General Motors had a "modest increase," said spokeswoman Elaine Redd, who declined to provide average figures.General Motors, the largest automaker, is trying to take advantage of sales gains this year, and Ford and Chrysler are trying to return to profitability.U.S. auto sales rose 8.2 percent in July after automakers brought back zero percent interest loans, and analysts expect another sales rise this month, according to Bloomberg News.
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