Hyundai is denying rumors that it plans to raise vehicle prices, starting today, June 2. The price hikes were expected to go into effect in the US to help offset the blow from Trump’s auto tariffs. Here’s what to expect now.
Is Hyundai raising vehicle prices in the US?
Last week, a Bloomberg report claimed Hyundai was considering raising vehicle prices across the board. The report cited sources familiar with the matter said the price hikes were expected as soon as June 2.
Hyundai denied the rumors (via The Korea Herald), saying, “We have not made any decision regarding price changes after the current price guarantee period ends.”
On April 4, Hyundai launched its “Customer Assurance” program in response to Trump’s auto tariffs and uncertain market conditions. The program locks in car prices (MSRP) for those who purchase or lease a vehicle, including those under its luxury Genesis brand, during the protection window.
However, the window ends today, June 2. Hyundai stated that June is when it typically reviews prices, and this is not specifically related to the recent US auto tariffs.
The price hikes were expected to be around 1% on every vehicle across its lineup, including electric vehicles (EVs). The sources also said Hyundai was considering raising prices on optional features, such as added roof rails.
Like most of the industry, Hyundai is facing higher import costs since the 25% tariff went into effect on April 3. Stellantis, Ford, Honda, and others have already announced plans to raise vehicle prices in the US due to tariffs.
Hyundai recently opened its massive new EV manufacturing plant in Georgia, where the new IONIQ 9 and the 2025 IONIQ 5 are produced. However, many of its vehicles are still imported from Korea.
Over 637,600 vehicles were exported from Hyundai’s plants in Korea to the US last year, or nearly 70% of its sales.
We should learn more soon as Hyundai finalizes its pricing review. We’ll keep you updated with the latest. For now, Hyundai’s EVs are still surprisingly affordable.
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