Hyundai Motor has announced that it has no immediate plans to raise vehicle prices in the United States despite newly imposed U.S. tariffs on imported cars and auto parts.
Speaking at an auto show in South Korea on Thursday, Hyundai’s co-CEO Jose Munoz acknowledged the tariff changes but stated that the company is still assessing the impact. “We have seen the tariff announcement, and we are evaluating the impact,” Munoz said. “There are no plans to raise prices in the United States at this time.”
The statement comes after Hyundai had previously warned its U.S. dealers that it was reviewing its pricing strategy following President Donald Trump’s decision to impose a 25% tariff on imported vehicles and auto components. Investors reacted to the uncertainty, with Hyundai shares falling 1.5% in early Thursday trading, while Kia Corp, Hyundai’s sister company, saw a 1.9% decline.
The losses outpaced the broader South Korean market, which was down 1.4%.
Despite concerns over tariffs, Hyundai showcased its latest advancements in hydrogen-powered vehicles at the auto show, unveiling a fully revamped version of its Nexo crossover. The new model highlights the automaker’s commitment to alternative energy solutions amid growing regulatory and market pressures on traditional gasoline-powered vehicles.
