Hyundai Motor to freeze vehicle prices in US through early June

Seoul, April 5 (IANS) Hyundai Motor will freeze prices of all new vehicles sold in the United States through early June, a move aimed at easing consumer concerns over rising costs following Washington's imposing of 25 per cent duties on all imported vehicles, the automaker's American subsidiary said.

Hyundai Motor America (HMA) said that any new Hyundai vehicle purchased until June 2 will be protected from Manufacturer's Suggested Retail Price (MSRP) increases regardless of changes in market conditions under the company's Customer Assurance programme, reports Yonhap news agency.

Washington's measure of imposing 25 per cent tariffs on imported cars went into effect this week, part of U.S. President Donald Trump's aggressive drive to reduce America's trade deficits and bolster domestic manufacturing.

"We know consumers are uncertain about the potential for rising prices and we want to provide them with some stability in the coming months," Jose Munoz, president and chief executive officer (CEO) of Hyundai Motor, said. "Our MSRP commitment is just one part of our multifaceted effort to provide great vehicles to American consumers."

Randy Parker, CEO of Hyundai Motor North America, said the price protection measure builds on Hyundai's March and first-quarter sales momentum and reflects the company's "legacy of supporting American consumers and investing in the U.S. market."

Hyundai Motor added that the MSRP freeze is part of its broader U.S. strategy, which also includes a US$21 billion investment plan from 2025 to 2028 aimed at expanding manufacturing and technology operations and creating more than 100,000 jobs.

The company earlier said it has no plans to raise vehicle prices in the United States for now despite Washington's 25 percent duties on automobile imports.

America is a top auto export market for South Korea. Auto shipments to the U.S. amounted to US$34.7 billion in 2024, accounting for 49.1 percent of the country's overall car exports in the year. Hyundai Motor Group and GM Korea exported around 970,000 and 410,000 units to the U.S., respectively, last year.

Amid Trump's tariff pressure, Hyundai Motor Group announced a plan last week to invest $21 billion in the U.S. through 2028.

—IANS

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