Hyundai and Genesis Will Hold Off on Price Increases Until June; After That, Anything Goes | Carscoops

      Ford and Stellantis are responding to tariffs with discounts, while Hyundai is prioritizing price stability.

      Hyundai and Genesis have committed to not increasing prices until June 2, aiming to provide customers with assurance and time to make their purchases.

      Post-program, prices may rise significantly due to tariffs.

      President Trump’s extensive tariffs are likely to increase costs across the board, particularly for automobiles, which are expected to see a price increase of thousands of dollars due to a 25% tariff.

      This has created turmoil in the automotive sector, prompting companies to formulate their responses. While Ford and Stellantis are adopting employee pricing, Hyundai and Genesis are introducing price assurance plans.

      Hyundai’s initiative, called Customer Assurance, is a reaction to volatile market conditions and the anticipated effects of tariffs on the auto industry. Under this program, the company vows not to raise prices until June 2.

      The South Korean manufacturer states that this initiative aims to provide customers with peace of mind, financial security, and “time to make the right choice for their transportation needs.” This is significant as consumers rushed to dealers to buy vehicles last month.

      Hyundai Motor North America CEO Randy Parker expressed, “Our promise to uphold the MSRP reflects our commitment to the consumer. We recognize the difficulties that consumers are facing in the current economic environment, and we aim to maintain the positive momentum from record sales in March and the first quarter.”

      Hyundai also highlighted its manufacturing presence in America and stated that it has the capability to “respond quickly and strategically” to changing circumstances, allowing them to offer customers “the right products at the right time and at the right price.”

      For luxury buyers, Genesis Cares offers a similar assurance, pledging to keep MSRPs stable across their entire lineup for the next two months.

      Genesis CEO José Muñoz noted, “We understand that consumers are apprehensive about the possibility of rising prices, and we want to provide them with some stability in the upcoming months. Our MSRP commitment is just one aspect of our comprehensive strategy to deliver excellent vehicles to American consumers while supporting hundreds of thousands of jobs and investing billions in our most critical market.”

      Kia has yet to disclose its intentions, but it wouldn't be surprising if they launched a similar program soon.