Hyundai is reportedly considering a 1% price increase across its entire U.S. vehicle lineup as it seeks to mitigate the financial impact of tariffs imposed by the U.S. government, Bloomberg News reported on Thursday, citing sources familiar with the matter. The potential price adjustment could be implemented as early as next week and would apply to newly manufactured vehicles, while existing inventory on dealer lots would remain unaffected.
The report also indicated that Hyundai is likely to increase charges for shipping as well as for optional add-ons such as floor mats and roof rails. This approach aims to reduce the need for raising base vehicle prices further, according to Bloomberg.
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A Hyundai spokesperson said the company had not finalized any pricing decisions following the conclusion of its current pricing program on June 2. “We will continue to adapt to shifts in supply and demand, and regulations, with a flexible pricing strategy and targeted incentive programs and always find ways to add value to our customers,” the spokesperson stated.
The automotive industry has faced rising supply chain costs as a result of tariffs enacted under the Trump administration, while economic concerns, including fears of a recession, have contributed to cautious consumer spending.
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To counteract the effects of the tariffs, Hyundai has already taken steps such as shifting production of certain Tucson crossover models from Mexico to the United States and establishing a task force to address tariff-related challenges.