Hyundai Motor Co. plans to increase the prices of all its U.S. vehicles, including electric models, by 1% as soon as next week to offset the impacts of tariffs introduced by President Trump, as reported by Bloomberg.
According to ECXL, Hyundai’s latest price adjustment applies only to newly manufactured vehicles, leaving existing dealer inventory unchanged. The 1% increase, though relatively small, could still raise vehicle costs by several hundred dollars. For instance, the electric Hyundai Ioniq 5, which starts at around $42,000, may see a price rise of approximately $420.
The price revision comes as a direct response to tariffs that have disrupted the automotive industry, particularly affecting imported vehicles and components. Hyundai, a major importer of finished vehicles in the U.S., shipped approximately 1.1 million units last year, ranking just behind Toyota and General Motors, both of which imported around 1.2 million units.
The company is also exploring the possibility of increasing shipping costs and charges for pre-installed features such as floor mats and roof rails as an alternative to raising base prices.
Hyundai had committed to maintaining stable prices for its namesake brand and luxury Genesis line until June 2. However, the introduction of new tariffs has hastened the shift. Last month, Hyundai CEO José Muñoz told Bloomberg that he did not expect a sharp or immediate price increase but did not specify future pricing plans for the year.
Hyundai’s price increase may make models such as the Ioniq 5 and Ioniq 6 less affordable, especially for cost-conscious buyers. Additionally higher shipping fees and added charges for optional features could push consumers toward base models, reducing customization choices.
EV WORLD | India’s EV Sector Risks Disruption Amid Rare Earth Magnet Shortage
