Hyundai says no price hike through early June in US
Korean automaker decides temporarily to freeze US retail prices despite potential impact of Trump's tariffs
Hyundai Motor has decided temporarily to freeze the prices of its vehicles sold in the United States amid the Trump administration's 25 percent tariffs on all imported automobiles to reinforce the company's "long-standing commitment to supporting American consumers and safeguarding affordability," it said in a press release Friday.
According to Hyundai Motor America's announcement on Friday, the automaker launched a customer assurance program to promise no price hikes in the manufacturer's suggested retail price for customers who purchase or lease new Hyundai and its premium brand Genesis vehicles until June 2.
The price guarantee policy came shortly after Hyundai Motor Company CEO Jose Munoz told reporters that the automaker plans no price hike for the time being at the Seoul Mobility Show 2025 at Kintex in Goyang, Gyeonggi Province, on Thursday.
'At Hyundai, we have a long history of providing value and doing what's right for our customers and communities,' said Munoz.
'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 (manufacturer's suggested retail price) 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's decision to freeze prices for about two months appears to be an effort to continue riding on its upbeat US sales. Hyundai sold record-setting 203,554 vehicles in the first quarter of this year, a 10 percent increase on year, based on its best-selling March sales of 87,019 units. Genesis also logged a record first quarter output with 17,505 cars sold, a 19 percent increase in comparison to the same quarter last year.
'We understand the challenges consumers face in today's economic climate, and we want to continue the momentum from record sales in March and the first quarter,' said Randy Parker, CEO of Hyundai Motor North America.
Meanwhile, Song Ho-Sung, CEO of Hyundai Motor's sister affiliate Kia, indicated a similar stance by saying that Korea's second-largest automaker has no plans to raise the prices of Kia vehicles sold in the US at the moment on the sidelines of the Seoul Mobility Show 2025.
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