- The Korean car manufacturer may raise prices by an average of 1%.
- Hyundai could also raise shipping charges and the prices of options.
- In April, it promised to keep prices steady until at least June 2.
It seems like we’re all getting a little more familiar with price hikes these days, and Hyundai isn’t about to buck the trend. According to a new report, the automaker is gearing up to increase the prices on every model sold in the United States. This move, a result of rising costs tied to the Trump administration’s tariffs, contrasts with some other brands, like Volkswagen, which have managed to hold the line on pricing. At least for now.
Sources close to the company told Bloomberg that Hyundai is considering a 1% increase in the suggested retail price across all models, which would equate to $400 in a $40,000 car. The price adjustments could kick in as soon as next week, though it’s important to note that only newly built vehicles will see the bump.
Read: It Looks Like A Honda But It’s Actually A Hyundai
And that’s not all, as according to the same source, in addition to the price increase, the automaker may also increase their shipping charges. On top of that, prices of options could also be jacked up, including things like floor mats and roof rails.
In a statement, Hyundai said, “This period marks our regular annual pricing review, guided by market dynamics and consumer demand, independent of tariffs. “We will continue to adapt to shifts in supply and demand, and regulations, with a flexible pricing strategy and targeted incentive programs.”
In early April, Hyundai confirmed that it would not make any price hikes until at least June 2. But that date is fast approaching, and it appears as though it has decided now is the time to start passing on some of the added costs of the tariffs onto consumers.
Hyundai is one of the largest importers of vehicles into the United States. Last year, it imported 1.1 million vehicles, placing it third behind Toyota and General Motors. However, it has a long-term ambition of building 70% of the vehicles sold in the US at local plants, thanks in part to $21 billion in investments it confirmed in March.
Despite the tariffs and potential price hikes, Hyundai remains confident it can set a new US sales record for the fifth consecutive year. In April, Hyundai Motor North America’s chief executive, Randy Parker, said the company will “sell like hell” this year and “make it five years in a row.”
