Hyundai Motor Company notified U.S. dealers about the potential for car price increases due to a 25% tariff that will be imposed on the 3rd (local time).

According to Hyundai Motor Company's U.S. sales division on the 31st (local time), Randy Parker, chief executive officer (CEO) of the U.S. sales division, stated in a recent letter to local dealers that "the current car prices are not guaranteed and may change for products wholesaled after April 2."

Hyundai Motor Group hosts the completion ceremony of the Hyundai Motor Group Metaplant America (HMGMA) located in Ellabell, Georgia, on June 26 (local time). The photo shows HMGMA workers, Meta Pros, assembling the Ioniq 5. /Courtesy of Hyundai Motor.

CEO Parker noted that "tariffs are not easy," suggesting that the price adjustment is due to the tariffs imposed by President Donald Trump. He added, "It is fortunate that we do not significantly depend on imports from Mexico and Canada," and stated, "We have certainly made our mark on U.S. investment." This remark from CEO Parker was first reported by Reuters.

Hyundai Motor Company's U.S. sales division stated in an official announcement that "we are closely monitoring the developments of the new policy while continuing to review various business strategies to ensure long-term revenue," and added that "nothing has been decided at this stage."

Previously, President Trump announced on the 26th of last month that he would impose a tariff equivalent to 25% on automobiles imported into the U.S. starting from midnight on the 3rd. Automobiles are the top export item to the U.S., accounting for 49.1% of total exports from Korea.

Last year, the export volume of Hyundai Motor Company and Kia to the U.S. was 1,015,005 units. Of this, Hyundai Motor Company exported 637,638 units, while Kia exported 377,367 units, amounting to a total of $34.7 billion (approximately 51 trillion won).