Hyundai Says No Plans to Raise U.S. Prices...Will Expand Promotions Through Year-End

Randy Parker, CEO of Hyundai Motor North America,
Emphasizes No Price Hike Despite Tariffs
Plans to Expand Promotions to Maintain Competitiveness

Hyundai Motor Company has dismissed the possibility of raising prices in the United States in response to the Trump administration's tariffs on finished vehicles. Contrary to concerns that the company might increase sales prices to offset the tariffs, Hyundai plans to expand promotional offers through the end of the year to maintain its price competitiveness.

On July 1 (local time), Randy Parker, CEO of Hyundai Motor North America, made these remarks in an interview with the U.S. automotive media outlet Automotive News. CEO Parker stated, "It is important to maintain reasonable pricing in order to navigate what will be a challenging second half of the year."

Some have predicted that after the Trump administration imposed a 25% tariff on imported finished vehicles in April, global automakers including Hyundai could raise their U.S. sales prices once existing inventory is depleted.

Hyundai Ioniq 9. Provided by Hyundai Motor Company

However, CEO Parker dismissed the possibility of a price increase within the year, emphasizing that Hyundai has instead prepared a variety of promotional programs to maintain price competitiveness through the end of the year.

In the first half of this year, Hyundai sold 439,280 units in the U.S. market, a 10% increase compared to the same period last year. This marks Hyundai's highest-ever first-half sales since entering the U.S. market. CEO Parker expressed confidence that Hyundai would achieve record annual sales this year as well, highlighting plans to expand sales of the newly introduced Ioniq 9 in the North American market.

CEO Parker added, "New products always receive a positive response in the market," and stated, "Once the Ioniq 9 is officially launched in the second half of the year, the impact of the tariff measures will also be mitigated."