updated 8/4/2004 12:34:25 PM ET 2004-08-04T16:34:25

General Motors is reportedly raising prices on its 2005 models by about 1 percent. The Wall Street Journal also reports the automaker plans to hike prices further as the year goes on.

The auto industry has been enticing buyers with all sorts of incentives recently. At the same time, it has been searching for ways to raise profits.

According to the Journal, a series of small increases throughout the year will aid GM’s bottom line even if the company is forced to continue handing out big incentive checks.

GM is raising prices more than one percent on some hot-selling models. The base price on the Cadillac CTS sedan, for example, will reportedly rise by nearly 3.5 percent.

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