Hyundai freezes US car prices until June
Hyundai Motor Company announced it has no plans to raise its vehicle prices in the US in the short term, after the Donald Trump-led US government followed through on its threats to introduce a blanket 25% import tariff on all vehicles imported into the country.
Hyundai Motor America last week launched a customer assurance (CA) programme in response to 'dynamic market conditions and the potential impact of tariffs on the automotive industry,' with the aim of strengthening its 'long-standing commitment to supporting American consumers and safeguarding affordability.'
The company confirmed that as part of the CA programme, customers who purchase or lease any new Hyundai vehicle in the US before 2nd June 2025 'will see no increase in the manufacturer's suggested retail price (MSRP).'
José Muñoz, president and CEO, Hyundai Motor Company, said in a statement: 'At Hyundai, we have a long history of providing value and doing what's right for our customers and communities. We know consumers are uncertain about the potential for rising prices and we want to provide them with some stability in the coming months. Our MSRP commitment is just one part of our multifaceted effort to provide great vehicles to American consumers, while also supporting hundreds of thousands of jobs and investing billions of dollars in the most important market for our company.'
Hyundai Motor Group (HMG), which includes both Hyundai and Kia, recently completed construction of a third vehicle assembly plant in the US, the Metaplant America facility in the state of Georgia, with an annual production capacity of 300,000 vehicles per year. This will increase Hyundai and Kia's combined annual production capacity in the country to 1 million units once it becomes fully operational.
HMG sold around 1.7 million vehicles in the US in 2024, meaning that it still relies heavily on exporting vehicles to the US from production facilities in South Korea and Mexico. From South Korea, the group exported a total of 1,145,000 vehicles last year, worth around US$38bn.
Last month HMG announced it plans to invest US$21bn in the US between 2025 to 2025, to expand production capacity further, develop future technologies and improve energy infrastructure. The Metaplant will be expanded to 500,000 units/year in this period.
"Hyundai freezes US car prices until June" was originally created and published by Just Auto, a GlobalData owned brand.
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