Hyundai plans to temporarily suspend production of some electric vehicle (EV) models at its Ulsan facility in South Korea due to weakening global demand and the impact of U.S. import tariffs, Yonhap news agency reported on Thursday, citing unnamed industry sources.
Production of the Ioniq 5 and Kona electric vehicles is expected to be paused from April 24 to 30 on select lines at the Ulsan complex, the report said.
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Hyundai has not issued an official statement and was not immediately available for comment outside regular business hours.
The reported production halt follows a significant drop in EV orders from major export markets in April, attributed to the removal of government subsidies and heightened trade tensions.
The United States recently imposed a 25% tariff on imported cars and light trucks, adding further pressure on foreign automakers.
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To mitigate customer concerns, Hyundai has announced that prices for its current lineup will remain unchanged through June 2. The initiative follows the company’s pledge in March to invest $21 billion in its U.S. operations, as part of broader efforts to expand its presence in the world’s second-largest auto market.