Toyota, Hyundai and Other Car Makers Respond to U.S. Tariff Increases on Vehicles
The United States recently announced a 25% tariff on all imported automobiles, effective from April 3, covering imported passenger vehicles (such as sedans and SUVs) and light trucks, as well as key automotive components (including engines and transmissions). The measure may also be extended to other parts if necessary.
In response, Toyota Motor and Hyundai Motor, among other automakers, have commented. Toyota Motor stated that it will continue to maintain its existing operational model, strive to reduce fixed costs, and temporarily will not increase the prices of vehicles sold in the U.S. market.
Honda Motor plans to ship as many vehicles to the U.S. as possible before the tariffs take effect. It says it's now trying to figure out what price increases consumers will accept for its various models, and is still planning to review its production base and export markets.
Hyundai has issued a warning to its U.S. dealers and stated that it is evaluating its pricing strategy in response to the upcoming 25% tariff on imported cars and parts in the United States. Randy Parker, the CEO of Hyundai and Genesis North America, mentioned in a notification to dealers that it cannot guarantee the current vehicle prices, and wholesale prices for vehicles after April 2 may be subject to adjustment.
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