by Hyundai prepares to raise car prices in the US
Automaker Hyundai plans to increase prices for all models sold in the US. The average price increase could be around 1%, which for a $40,000 car would mean a $400 price hike. The company is also considering raising the cost of additional equipment and transportation expenses.
In April, Hyundai promised not to change prices until June 2, but now the situation has changed. Sources report that the increase could take effect as early as next week, but it will only apply to new cars.
“This period is part of our annual price review, which is guided by market dynamics and consumer demand, regardless of tariffs. We will continue to adapt to changes in supply and demand, as well as regulatory requirements, through flexible pricing strategies and targeted incentive programs,” Hyundai stated.
The company’s plans for the US market
Hyundai is one of the largest car importers in the US—last year, the company imported 1.1 million vehicles. However, in the long term, the brand plans to produce 70% of cars for the American market at local plants. To this end, $21 billion in investments were confirmed in March.
Despite possible price increases, Hyundai hopes to set a new sales record in the US for the fifth consecutive year. Hyundai Motor North America CEO Randy Parker stated that the company plans to actively sell cars this year. Recent events show how global economic factors influence automakers’ strategies, forcing them to seek a balance between production costs and competitiveness.
