Following the U.S. Trump administration’s choice to enforce a 25% tax on imported automobiles, Hyundai Motor Company has declared that it will not increase prices on its vehicles in the American market. Earlier last week, Hyundai Motor America introduced their Customer Assurance (CA) initiative, ensuring that the Manufacturer's Suggested Retail Price (MSRP) would stay constant for both purchased and leased vehicles up until June 2025.
José Muñoz, who serves as both the President and CEO of Hyundai Motor, mentioned that this step aims at alleviating consumer concerns regarding possible increases in prices and fostering a consistent buying atmosphere. He also highlighted that this move reflects Hyundai’s commitment to delivering high-quality cars to American buyers, protecting numerous employment opportunities, and sustaining investments within this significant marketplace.
Recently, Hyundai Motor Group increased its presence in the U.S. manufacturing sector with the opening of the Meta Plant America Factory in Georgia. With this addition, which can produce up to 300,000 cars each year, the total yearly production capability for both Hyundai and Kia in the United States now stands at approximately 1 million vehicles.
In 2024, despite selling roughly 1.7 million automobiles in the United States, Hyundai Motor Group still depends significantly on imports from manufacturing plants located in South Korea and Mexico. The previous year, 2023, saw about 1.145 million units being shipped out of South Korea, contributing $38 billion towards export earnings.
In the coming years, Hyundai Motor Group intends to commit $21 billion in investments within the United States by the close of 2025. These funds aim at boosting manufacturing capabilities, pushing forward with cutting-edge technology developments, and improving energy systems. By then, the target for the Meta Plant’s yearly output is anticipated to hit half a million units.