With the Trump administration set to announce new auto tariffs, Hyundai Motor Company is reportedly considering raising vehicle prices in the United States.
According to Reuters, Randy Parker, CEO of Hyundai Motor America, informed dealers that current vehicle prices are not guaranteed and may change for wholesale transactions after Wednesday. He noted that tariffs pose a significant challenge. He added that, fortunately, Hyundai isn’t heavily dependent on imports from Mexico and Canada, as it has built a solid investment base in the U.S.
On March 24, Euisun Chung, Chairman of Hyundai Motor Group, announced at the White House in Washington, D.C., that the company will invest $21 billion in the United States over the next four years.
On March 26, U.S. President Donald Trump introduced a 25% tariff on imported vehicles, set to take effect on Wednesday.
Industry experts warn that vehicle prices could rise significantly if these tariffs remain in place for an extended period.
According to Cox Automotive, a market research firm, a 25% tariff would increase the price of U.S.-made vehicles by $3,000 and vehicles from Canada or Mexico by $6,000.