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Hyundai considering 1% price hike on US vehicles to counter tariff hit, Bloomberg News reports
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Hyundai considering 1% price hike on US vehicles to counter tariff hit, Bloomberg News reports
May 29, 2025 12:22 PM

May 29 (Reuters) - Hyundai Motor ( HYMTF ) is considering a 1% price increase on its

entire U.S. lineup, looking to soften a hit from U.S. President Donald Trump's tariffs,

Bloomberg News reported on Thursday, citing people familiar with the matter.

The price hikes could come as soon as next week and would affect the suggested retail price

of every model in its lineup, the report said, adding that they would apply to newly built

vehicles, leaving cars that are already in dealer lots unaffected.

The South Korean automaker is also likely to raise charges on shipping and fees for options

such as floor mats and roof rails in a move that would help it avoid further raising the base

price of its vehicles, Bloomberg News said.

Reuters could not immediately confirm the report. Hyundai did not immediately respond to a

request for a comment.

The industry has been dealing with higher supply chain costs due to Trump's tariffs, while

concerns of a recession have led consumers to tighten their budgets.

Hyundai has already taken steps to mitigate impacts from the automotive levies, including

moving some Tucson crossovers production from Mexico to the United States and launching a task

force aimed at cushioning some of the hit.

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