Hyundai Price Hikes Are Coming This Week

Hyundai, along with its luxury arm Genesis, is one of the first automakers to announce that it will shield its customers from price hikes due to current tariffs imposed by the U.S. government. That assurance has a deadline, though, and recent reports have uncovered that the South Korean marque is already planning a price hike, set to be effective as early as this week.

The information came from Bloomberg, citing sources who wish to remain anonymous since the information isn’t yet made public. According to the report, a 1 percent increase will be employed this week, and it will raise vehicle prices across Hyundai’s lineup in the U.S., which means the Hyundai Tucson and the rest of the H-badged Korean vehicles sold in America will get a price bump. It’s unclear whether those manufactured locally will get a reprieve.

Prices Will Be Raised For The Entire U.S. Lineup

The Bloomberg report didn’t mention the exact date when the price hike would take effect, but it mentioned that it could happen as soon as the first week of June. It also clarified that the price increase will only affect newly built vehicles, and that those that are already in dealer inventories will not be affected. That said, if you’re planning to buy a Hyundai soon, it would be best to shop around inventory units first to make sure you’ll get the best prices.

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“This period marks our regular annual pricing review, guided by market dynamics and consumer demand, independent of tariffs,” Hyundai said in a statement. “We will continue to adapt to shifts in supply and demand, and regulations, with a flexible pricing strategy and targeted incentive programs.”

Additional Increases Likely To Be Applied Beyond MSRP

A 1 percent increase doesn’t sound much, and it really isn’t. For instance, the Hyundai Santa Fe Hybrid, which currently starts at $37,800 before freight charges, tax, title, and license fees, will have a $378 price hike. However, the report said that additional increases are likely to be applied in shipping charges and optional pre-installed accessories (e.g., floor mats, roof rails) to avoid raising the official base MSRP even further.

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It’s unclear whether the rest of the South Korean vehicles in the US – specifically Kia and Genesis, both under the Hyundai Motor Group umbrella – will also observe a similar price hike. Of note, there have been other increases in prices from other automakers, such as BMW and its most fun vehicles in the range, and Ford with its smallest truck. Meanwhile, Volkswagen has recently promised that it’s holding its price, but just for a little while longer.

Source: Bloomberg