Hyundai considering 1% price hike on US vehicles to counter tariff hit, Bloomberg News reports

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(Reuters) -Hyundai Motor is considering a 1% price increase on its entire U.S. lineup, looking to soften a hit from U.S. President Donald Trump’s tariffs, Bloomberg News reported on Thursday, citing people familiar with the matter. 

The price hikes could come as soon as next week and would affect the suggested retail price of every model in its lineup, the report said, adding that they would apply to newly built vehicles, leaving cars that are already in dealer lots unaffected. 

The South Korean automaker is also likely to raise charges on shipping and fees for options such as floor mats and roof rails in a move that would help it avoid further raising the base price of its vehicles, Bloomberg News said.

Reuters could not immediately confirm the report. In a statement, a Hyundai spokesperson said that no final decisions have been made on pricing changes following the June 2 conclusion of the automaker’s current program.

“We will continue to adapt to shifts in supply and demand, and regulations, with a flexible pricing strategy and targeted incentive programs and always find ways to add value to our customers,” the spokesperson said. 

The industry has been dealing with higher supply chain costs due to Trump’s tariffs, while concerns of a recession have led consumers to tighten their budgets.

Hyundai has already taken steps to mitigate impacts from the automotive levies, including moving some Tucson crossovers production from Mexico to the United States and launching a task force aimed at cushioning some of the hit. 

(Reporting by Utkarsh Shetti in Bengaluru; Editing by Alan Barona)