Munoz, Hyundai Motor CEO, "No Plan to Raise Prices in the U.S. Despite Tariffs"

Mentioned at the Seoul Mobility Show on the 3rd

Jose Munoz, CEO of Hyundai Motor Company, stated regarding U.S. President Trump's tariff policy, "At this time, there are no plans to raise car prices within the United States."

On the 3rd, at the 2025 Seoul Mobility Show held at KINTEX in Goyang, Gyeonggi Province, Munoz made this remark. At midnight local time on the same day, the Trump administration's 25% tariff on imported cars took effect. Industry analysts have suggested that the price of cars imported into the U.S. could increase by as much as $10,000.

Recently, Randy Parker, CEO of Hyundai Motor America, hinted to local dealers about the possibility of price increases on wholesale sales after the 2nd, but Munoz has dismissed this for now.

Jose Munoz, CEO of Hyundai Motor Company. Provided by Hyundai Motor Company

Additionally, the Trump administration announced a policy to impose a 25% reciprocal tariff on all products produced in Korea and exported to the U.S. Munoz said, "Today's tariff announcement was not very surprising as there had been prior explanations," adding, "The U.S. is a very important market for Hyundai, and we are committed. We will continue to maintain competitiveness by looking at the issue from both short- and long-term perspectives."

Regarding the entry of competitor BYD into the Korean market, he said, "The entry of a new competitor is an opportunity for us to improve and become stronger," and added, "We have always built better technology, design, and services. Competitors are always welcome." He refrained from commenting on the specific details of cooperation with GM.

This content was produced with the assistance of AI translation services.