Price increases have become a familiar part of the consumer experience lately, and Hyundai appears to be following the trend. According to a recent report, the South Korean automaker is preparing to raise prices on all of its vehicle models sold in the United States. This decision, reportedly driven in part by the effects of tariffs imposed during the Trump administration, will affect newly manufactured vehicles and potentially extend to other cost-related areas as well. While competitors like Volkswagen are holding their pricing steady for the time being, Hyundai seems ready to pass on some of its rising operational costs to consumers.
Citing unnamed sources close to the company, Bloomberg reported that Hyundai is planning a modest but across-the-board increase of approximately 1% in the suggested retail prices for its U.S. lineup. While 1% may not seem significant at first glance, on a $40,000 vehicle, this translates to an additional \$400 for buyers. These new prices could be implemented as early as next week. However, the increase will only apply to newly built vehicles, meaning current dealership stock might still carry the older pricing—at least for now.
But the price hike won’t necessarily stop at the base vehicle cost. According to the same sources, Hyundai may also adjust other charges upward, including shipping fees and the prices of optional add-ons. Items such as roof rails, upgraded floor mats, and similar accessories could all see their prices rise. These potential add-on increases, combined with higher base prices, mean customers could soon face noticeably larger out-of-pocket expenses when purchasing a new Hyundai.
In a public statement, Hyundai framed the potential price adjustments as part of its regular annual review process, independent of political factors like tariffs. The company stated, “This period marks our regular annual pricing review, guided by market dynamics and consumer demand, independent of tariffs. We will continue to adapt to shifts in supply and demand, and regulations, with a flexible pricing strategy and targeted incentive programs.” Earlier this year, Hyundai had pledged not to raise prices before June 2, but with that date now imminent, it appears the company has decided to move forward.
Despite the looming price hikes, Hyundai remains optimistic about its performance in the U.S. market. In 2023, the company ranked as the third-largest importer of vehicles into the U.S., bringing in 1.1 million units. However, Hyundai has ambitious long-term goals of manufacturing 70% of its U.S.-sold vehicles domestically, backed by a massive $21 billion investment announced in March. In fact, Hyundai’s North American CEO, Randy Parker, has expressed confidence that the brand will set a new U.S. sales record in 2024, which would mark its fifth consecutive year of growth. He stated boldly, the company would “sell like hell” to achieve that milestone.