U.S. President Donald Trump announced a 25% tariff on imported cars and parts, prompting Hyundai Motor Company to notify its U.S. dealers of potential price increases, Reuters reported on the 31st (local time).
Randy Parker, CEO of Hyundai Motor America, stated in a recent letter to local dealers, "Current car prices are not guaranteed and may change for products wholesaled after April 2."
CEO Parker said, "Tariffs are not easy," but added, "It is fortunate that we do not heavily rely on imports from Mexico and Canada. We are confident in our investment in the U.S." Earlier, Hyundai announced a $21 billion investment plan in the U.S. at the White House on the 24th.
President Trump announced on the 26th that a 25% tariff would be imposed on cars imported into the U.S. starting April 3. Analysts expect that if the auto tariffs remain in place for a long time, manufacturers will have to significantly raise vehicle prices, and consumers may have to pay an additional average cost of $50,000.
Last year, Hyundai and Kia exported a total of 1,015,005 vehicles to the U.S., with Hyundai accounting for 637,638 units and Kia for 377,367 units.
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