Hyundai Motor to freeze vehicle prices in US through early June despite auto tariffs
Hyundai Motor Co. will freeze prices of all new vehicles sold in the United States through early June, a move aimed at easing consumer concerns over rising costs following Washington's imposing of 25 percent duties on all imported vehicles, the automaker's American subsidiary said.
Hyundai Motor America said in a press release Friday (US time) that any new Hyundai vehicle purchased until June 2 will be protected from Manufacturer's Suggested Retail Price increases regardless of changes in market conditions under the company's Customer Assurance program.
Washington's measure of imposing 25 percent tariffs on imported cars went into effect this week, part of U.S. President Donald Trump's aggressive drive to reduce America's trade deficits and bolster domestic manufacturing.
"We know consumers are uncertain about the potential for rising prices and we want to provide them with some stability in the coming months," Jose Munoz, president and chief executive officer of Hyundai Motor, said. "Our MSRP commitment is just one part of our multifaceted effort to provide great vehicles to American consumers."
Randy Parker, CEO of Hyundai Motor North America, said the price protection measure builds on Hyundai's March and first-quarter sales momentum and reflects the company's "legacy of supporting American consumers and investing in the US market."
Hyundai Motor added that the MSRP freeze is part of its broader US strategy, which also includes a $21 billion investment plan from 2025 to 2028 aimed at expanding manufacturing and technology operations and creating more than 100,000 jobs. (Yonhap)
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