As news of hefty new tariffs rocked the auto industry in April, Hyundai pledged to keep prices steady until June 2. June 2 arrives in three days.
A new report says the company is mulling an across-the-board price hike to compensate for tariff costs.
Bloomberg reports, “The South Korean manufacturer is considering a 1% increase to the suggested retail price of every model in its lineup starting as soon as next week.” The news service cites “people familiar with the matter,” who asked to keep their names private.
The price hike wouldn’t just raise MSRPs. Automakers also charge a separate delivery fee on every vehicle. Paying the fee is mandatory, so we fold it into the pricing we report. Bloomberg says, “The company is likely to raise shipping charges and the fees for options such as floor mats and roof rails that are installed before cars arrive at retailers to avoid further raising the base price of its vehicles.”
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Delivery fees can seem illogical because automakers aren’t transparent about their calculations. Ram, for instance, builds all of its vehicles in North America and charges higher delivery fees than BMW, which imports many cars from Europe. Hyundai charges the same delivery fee for SUVs built in South Korea and those made in the U.S.
The company hasn’t confirmed or denied the report, but noted in a statement that it typically reviews its pricing strategy around this time of year. “We will continue to adapt to shifts in supply and demand, and regulations, with a flexible pricing strategy and targeted incentive programs,” Hyundai says.