While the Canadian dollar is declining in value Hyundai Auto Canada has cut prices by up to C$1,300 (US$1,086), citing the recent implementation of the Canada-Korea Free Trade Agreement (CKFTA).

“Hyundai is pleased to pass the benefits of this significant free trade agreement on to consumers,” said president and CEO Don Romano. “We wanted to take action quickly after the government took the first step toward removing the import duty.”

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Discover B2B Marketing That Performs

Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.

Find out more

Before the agreement, a 6.1% federal import duty was applied to the landed cost of vehicles manufactured in South Korea. The CKFTA eliminates the duty in three annual reductions with the first effective this month. Vehicles manufactured within North America are already imported to Canada duty-free due to the existing North American Free Trade Agreement.

“This is definitive proof that the Free Trade Agreement between Canada and South Korea delivers a true benefit to consumers,” added Romano.

Just Auto Excellence Awards - Nominations Closed

Nominations are now closed for the Just Auto Technology Excellence Awards. A big thanks to all the organisations that entered – your response has been outstanding, showcasing exceptional innovation, leadership, and impact.

Excellence in Action
Continental has secured the Window Displays Innovation Award in the 2025 Just Auto Excellence Awards for its Window Projection solution, transforming side windows into dynamic, data-rich canvases. Discover how this compact projection technology and intelligent software are reshaping in-car UX and opening fresh revenue streams for OEMs and mobility providers.

Discover the Impact