Hyundai CEO José Muñoz said the United States is a “very important market” for Hyundai, accounting for about 20% of the Korean company’s 4.14 million vehicle sales in the United States last year.
Hyundai President José Muñoz promised not to raise prices and accept the new 25% US tariffs on imports that have come into effect. He emphasized that while the company is “still evaluating” the announcement, it will not affect customers.
He also said, “We saw the announcement earlier this morning. It wasn’t a surprise. We’re not looking at it in the short term, but in the long term.” He added, “We need to offer a competitive product, and we’re not going to raise prices.”
Hyundai’s CEO’s comments follow news that US President Donald Trump imposed a new 25% tariff on all cars and parts not manufactured in the United States.
Hyundai has a plant in Alabama, where about half of the cars it sells are manufactured. However, some models and parts produced outside the US are subject to the new taxes.
Last year, the Korean company announced plans to invest $20 billion in its US operations to increase vehicle production there, including a new steel manufacturing plant. This move is part of a broader effort to expand production globally.
The US President has imposed a package of tariffs, which will impact the US and global economy. Given the importance of the US market, non-US companies are seeking a solution to circumvent this obstacle, which will limit exports to the US.
