Hyundai Prices Rise

Price Hikes

These days, it seems everyone’s feeling the pinch of rising costs, and now Hyundai is jumping on the bandwagon. There’s word going around that the South Korean automaker is getting ready to bump up prices on all its US models. This comes as part of a move to counteract increased expenses due to tariffs from the previous administration. Hyundai’s plans run contrary to some brands like Volkswagen, which are trying their best to maintain price stability amid market fluctuations.

Anonymous sources hint that Hyundai is weighing a 1% increase to the suggested retail price across their lineup. To give an example, a 1% bump on a $40,000 vehicle translates to an extra $400 on the sticker price. The timing? These adjustments might start rolling out next week, but only for freshly manufactured cars. It doesn’t end there; Hyundai might also raise shipping fees and tack on additional costs for options like floor mats and roof rails.

Market Response

Hyundai explained in a statement that they undergo regular annual pricing reviews, taking market dynamics and consumer demand into account. They stress that these decisions are made independently of tariff concerns. They intend to remain agile, adapting to market changes and customer needs by using flexible pricing strategies and targeted incentives.

Back in April, Hyundai had reassured everyone that prices would remain stable until June 2nd. But as that date looms closer, it looks like Hyundai no longer sees postponing the inevitable. Their goal appears to be passing some of those extra tariff-driven costs onto consumers.

Future Plans

As one of the largest vehicle importers to the United States, Hyundai has brought in 1.1 million cars in the past year, outpaced only by Toyota and General Motors. Yet, moving forward, they envision locally assembling about 70% of their US-sold vehicles, bolstered by a hefty $21 billion investment plan announced in March.

Despite the tariff woes and looming price adjustments, Hyundai’s spirits remain high. They aim to break US sales records for the fifth straight year. Hyundai Motor North America is optimistic, with their chief executive stating they’re ready to “sell like hell” and aim for that fifth consecutive record-breaking year.