Hyundai And Genesis Freeze Prices As Tariffs Take Effect
Hyundai is holding the line. The CEO of the automaker and its Genesis luxury brand on Friday said that the company will not raise any list prices through at least June 2, despite the new U.S. tariffs on imported vehicles and automobile parts.
“At Hyundai, we have a long history of providing value and doing what’s right for our customers and communities,” José Muñoz, president and CEO, Hyundai Motor Company said in a news release.
“We know consumers are uncertain about the potential for rising prices and we want to provide them with some stability in the coming months. Our MSRP commitment is just one part of our multifaceted effort to provide great vehicles to American consumers, while also supporting hundreds of thousands of jobs and investing billions of dollars in the most important market for our company.”
Hyundai has several assembly plants in the U.S. where it builds top sellers like the Santa Fe and Santa Cruz, and it is making major investments to expand local production, but it still imports a large number of vehicles from South Korea.
US-BUILT SUV OF THE YEARTM: HYUNDAI SANTA FE
One model that recently made the move across the Pacific is the Ioniq 5 electric compact SUV, which is now made in Georgia, while the larger Ioniq 9 will join it later this year.
Hyundai’s dealers can still adjust prices, as it operates through a franchise model, but the MSRPs will remain fixed for the next two months.