Automaker BMW announced the second price increase of the year for its luxury car and SUV lineup. The German automaker plans to boost prices in October for cars and SUVs sold in the U.S. by 2.1 percent for the 2009 model year.
BMW raised prices by 1 percent across the board in June for 2008 model vehicles.
In a statement, BMW of North America LLC said rising raw material costs are the reason for the jump in prices.
"The significant structural and economic changes in the marketplace are prompting all automakers to further refine actions to respond to these pressures," Jim O'Donnell, president of BMW of North America, said in a statement.
The weak dollar also cuts into BMW profits, making it more expensive to manufacture BMWs in Europe and sell them in the U.S. market.
U.S. sales for BMW are off 8 percent so far in 2008.
