Hyundai Motor Company has pushed back against speculation that it plans to raise vehicle prices in the US in response to the Trump administration's recently imposed 25 percent tariff on imported cars.
The denial follows a Bloomberg report on Thursday that said Hyundai is ready to increase retail prices in the US by around 1 percent as early as next week to offset the impact of the tariff. Citing an anonymous source, the report also mentioned a potential rise in shipping costs and the prices of certain optional features.
“We have not made any decision regarding price changes after the current price guarantee period ends on June 2,” a Hyundai Motor official said on Friday, clarifying that this is the company’s official stance.
The official explained that June is the period when the company conducts its regular price review to adjust for market changes, but this review is not related to the recently imposed tariff.
The 25 percent tariff, which took effect April 3, has raised concerns within the industry. Hyundai, however, has consistently denied any direct link between the levy and retail pricing decisions.
The company has pledged to maintain its current vehicle prices, including those for its luxury brand, Genesis, through June 2 despite the tariff.
Hyundai Motor’s CEO Jose Munoz, also stated during his speech at the Seoul Mobility Show 2025 on April 3 -- the same day the tariffs were imposed -- that there were no plans to raise prices in the US.
In a separate speech in New York, however, he was reported to have hinted at possible price adjustments depending on future market conditions after June.
Hyundai has come under growing pressure to review its US pricing strategy since the tariff was introduced.
The company is expanding its local production capacity with the recent opening of Hyundai Motor Group Metaplant America in Georgia, which adds up to 300,000 units in annual capacity. However, a significant portion of its US vehicle supply is still imported from Korea.
Hyundai Motor Company's Korean plants exported 637,638 units to the US last year, accounting for approximately 69.9 percent of its total US sales.
By Lim Jae-seong (forestjs@heraldcorp.com)
