Hyundai car prices set to rise
The skyrocketing cost of commodities like steel and aluminum have pushed several automakers to raise the price of 2009 models. Hyundai is bumping the price of its 2009 models an average of two-percent to help cushion the blow in Korea and in the States. The price of steel has risen 60 percent in a little over a year, and other commodities are up over 20 percent as well. That's bad news for all automakers, and Hyundai expects the trend to continue. Hyundai's Kia brand stlil hasn't announce price hikes, but we're guessing the economical car maker will follow in big brother's foot steps.
To further complicate matters for the Korean automaker, its unionized workforce is unsatisfied with wages. The rank and file have scheduled four-hour work stoppages for Wednesday and Friday. Unless the government intervenes in the matter, the union will likely get some kind of wage increase, giving Hyundai and Kia yet another justification for raising prices.
[Source: Automotive News - Sub. Req.]
Reader Comments (Page 1 of 1)
Purifoy 10:52AM (7/16/2008)
And stuff like this really comes as a surprise to who? Everything is going up. Why should the products coming from the automakers be any different?
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baffledu2 10:57AM (7/16/2008)
Sooooooooo even cheap government subsidized Korean steel costs more.
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I_Hate_China 12:16PM (7/16/2008)
> Sooooooooo even cheap government subsidized Korean steel costs more.
Yea, the government-subsidized steel is so cheap Hyundai has its own steel mill making unsubsidized steel to save cost. In other word, there is no such thing as subsidized steel in Korea.
I_Hate_China 12:16PM (7/16/2008)
> Sooooooooo even cheap government subsidized Korean steel costs more.
Yea, the government-subsidized steel is so cheap Hyundai has its own steel mill making unsubsidized steel to save cost. In other word, there is no such thing as subsidized steel in Korea.
ASEVENSEE4 11:37AM (7/16/2008)
The price on most Hyundai stuff should be more than what they're charging now anyway.
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ML 11:03AM (7/16/2008)
Yeah, so? Even with Hyundai's prices going up, their vehicles will still cost LESS than their competitors and they'll still be an excellent buy. I mean, look at Hyundai's warranty. It's about the best available!
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BlackCanary 1:02PM (7/16/2008)
all the competition raised prices as well. The gap is the same. This would only be a bad thing if Hyundai raised prices uni-laterally. Not that I am excited about the price of everything going up, just looking at it from macro sense.
P.V. 11:32AM (7/16/2008)
Maybe HYUNDAI is trying to become the luxury brand, rather than start a new luxury division from scratch.
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kgm777 2:31PM (7/16/2008)
That's what a dealership General Mgr. told me. They're taking Hyundai upscale, while Kia will remain the value leader. That's why they didn't drop the name "Hyundai" when they introduced the Genesis here in the U.S.
I_Hate_China 12:18PM (7/16/2008)
When even the likes of Chinese knock-off clone car makers like Chery raise their prices, you know the market condition is really really bad..
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Noidor 12:58PM (7/16/2008)
So all those goofballs who were saying that cheap dollar is good for US somehow, are yet again proven wrong. Weak dollar was good for as long as workforce was willing to put up with it. But with the paychecks being worth less and less every day, the workforce will demand an increase in wages.
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jsjs 1:59PM (7/16/2008)
The weak dollar is good for people working in manufacturing.
Of course, nowadays, the majority of Americans work in the service sector, and high gas prices affect everyone.
BlackCanary 12:59PM (7/16/2008)
This is all relative. Not a big deal - EVERY motor company has raised prices. The price gap has not closed. Hyundai is still a great value.
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akboss302 1:10PM (7/16/2008)
When do auto workers realize that a time when the entire industry is in mayhem, asking for higher wages probably isn't a good idea. Not only could it cripple the manufacturer for liquid assets, it could cause an even more significant cost-hike on the cars...which ends up costing the workers money. If you're already paid well, give up the whining and think of a way to cut manufacturing costs, then ask for a raise.
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LJKelley 10:14PM (7/16/2008)
So while gas prices are up, food prices are up, and car prices are going up, you then expect the Auto Workers to live on the same salary? While its unfortunate for Hyundai/Kia, I do expect salaries to increase.
The Talking Hamburger 12:51AM (7/17/2008)
I sure as hell wouldn't want you as my agent or lawyer. You concede too easily.
radhoo 3:13PM (7/16/2008)
I think it's fair to rise the prices a bit. because Hyundai are not so expensive after all and prices for the materials rised a bit.
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jsjs 2:01PM (7/16/2008)
Methinks baffle is confusing North Korea for the South.
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RSR 7:50PM (7/16/2008)
History indeed repeats itself because we don't learn from it. Fast-forward 20 years, and see the Korean UAW.
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The Talking Hamburger 12:49AM (7/17/2008)
Just because you're too chicken to assert your rights and as an employee doesn't mean you should slight the folks who do.