The CEO of Hyundai, Jose Munoz, said the company does not plan to raise car prices to offset costs associated with new tariffs. However, Hyundai is ending its program offering free maintenance for new vehicles due to reaching an 'unstable level' of expenses. The company urges dealers to offer prepaid service plans.
Jose Munoz noted in an interview with Autocar at the Seoul Mobility Show that the U.S. is a 'very important market' for Hyundai and emphasized the need to provide a competitive product. The company will invest $21 billion by 2028, including $9 billion to increase production capacity in the US to 1.2 million vehicles per year.
Hyundai has a plant in Alabama where models such as the Hyundai Tucson, Santa Fe, Santa Cruz, and Genesis GV70 are assembled. U.S. President Donald Trump signed an order to impose a 25% tariff on cars starting April 3rd. These tariffs will cover imports of vehicles and auto parts worth over $46 billion per year.