Citing high gas prices and the rising costs of raw materials such as steel, Hyundai today announced it will increase the average prices of its vehicles by 2 percent in overseas markets starting in August. In its home country of South Korea, the hike adds up to an average of 1.9 percent. Hyundai subsidiary Kia’s new car prices are expected to likewise be affected, but no announcements have been made.
With the price of steel ballooning by some 60 percent since the start of the year and other costs increasing by 20 percent, Hyundai says its decision is a necessary one. The automaker’s troubles are deepened as a partial union strike is planned for two days this week over a wage deal. Unionized employees are planning to stop work for four hours during two shift this Wednesday and for six hours on two shift this Friday, union spokesman Chang Kyu-ho said in an Automotive News report.
The fifth-largest automaker recently bumped the price of some its export models, including the Elantra sedan.
07/15, 2:01 PM
posted by:
MugenSentraKen
=====>>Genesis coupe is STILL gonna sell hot like southrn’ fried chicken…
07/15, 2:32 PM
posted by:
ktulu
got 2
07/15, 2:34 PM
posted by:
tripleonefive
I beleive they should raise their prices but they should always undercut Honda and Toyota by at least 2-3k
If they can do that on every car then they will do fine
07/15, 3:02 PM
posted by:
beatusmongous
It’s amazing what Hyundai has become. They used to be the @$$ crack of the car building world, but now they are actually a powerhouse. I’m not a fan of their vehicles because of personal opinion, but I respect them.
07/15, 4:35 PM
posted by:
SSEAN54
HYAUHNDAYAI= GHETTO!
07/15, 5:28 PM
posted by:
mayer_ray_nagin
In other news, the federal minimum wage is scheduled to go up 13% on July 24, 2008 (from 5.85 to 6.55/hour) so 1115 over at FatBurger is still coming out 11% ahead on his shiny new Elantra.
07/15, 6:06 PM
posted by:
brassmonkey
**** that car. who gives a flying ****. Piece of ****. what kind of ****sucker would drive this mother****ing piece of ****ing trash? assholes.
-
How many stars did I get?
07/15, 7:01 PM
posted by:
gbb
In order for a Hundai to be worth its cost, it would have to be free. Hundai/Kia = crappy little beaters made for morons.
07/15, 9:57 PM
posted by:
Impulsive
’ssean’, it’s poster #1 who is GHETTO … get it straight.
07/15, 11:26 PM
posted by:
johnnycanuck
How about they raise the IQ’s of their drivers about 2%, then maybe they’d be smart enough to buy something else.
07/16, 12:53 AM
posted by:
02WRXPSM
I think Hyndai is an amazing success story, and they’ve certainly succeeded against long odds (we’ve lost about 3x the automakers that we have added to the world market in the last 30 years) — they even survived having a CEO that was convicted of fraud. Certainly they have cut the legs out from under US automakers in that price/performance segment. However, they have yet to prove themselves in anything related to power, handling or safety, so (to quote brassmonkey) “who gives a flying ****. Piece of ****.”
07/16, 2:54 AM
posted by:
VictorRaikkonen
I really just came in here to say that I would like to save LLN a little time since they keep posting this same story, w/various auto makers, over and over again. Therefore, since Hyndai has joined the club along with Toyota, GM, Ford, etc… lets not see stores about Mazda, Nissan, Subi, Kia, Mitsu, Tata, PuPu or any other auto company raising their prices by 2%… its not news anymore and can anyone be surprised when we have been given the reason what… 3-4 times now.
07/16, 12:29 PM
posted by:
beatusmongous
They’ve already run the Nissan story, Victor. Sorry.