Hyundai Motor has denied reports that it plans to raise vehicle prices in the United States beginning June 2, following speculation that the company would adjust pricing in response to newly imposed U.S. auto tariffs.
Last week, Bloomberg reported that Hyundai was considering raising prices across its lineup, including electric vehicles, by as much as 1% to help offset rising costs from a 25% tariff implemented on April 3. Citing unnamed sources, the report suggested price increases could take effect as early as Sunday.
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However, Hyundai told The Korea Herald that no final decision has been made. “We have not made any decision regarding price changes after the current price guarantee period ends,” the company said.
Hyundai launched its “Customer Assurance” program on April 4, locking in manufacturer’s suggested retail prices (MSRP) for vehicles purchased or leased before June 2, including models from its Genesis luxury brand. While the pricing window ends today, the automaker said its current review is part of a routine assessment and not a direct response to U.S. trade policy.
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The rumored price hikes were also expected to include optional vehicle features, such as roof rails. While Hyundai has ramped up U.S. production—opening a new EV plant in Georgia for models like the Ioniq 9 and 2025 Ioniq 5—the company still imports a significant share of vehicles. In 2023, Hyundai exported more than 637,600 vehicles from South Korea to the U.S., accounting for nearly 70% of its American sales.
Rival automakers including Stellantis, Ford Motor, and Honda have announced price adjustments in the wake of tariff-related cost increases. Hyundai is expected to finalize its pricing review later this month.