Hyundai has said that it will raise its export prices by an average of 3% to 5% in order to offset losses arising from the recent appreciation of the won - a particular problem with respect to the dollar and profitability on US-bound shipments. Hyundai has already started shipping 2003 models to the US at the increased prices.

The price increase will also apply to export shipments to Europe.

It is also reported that Kia has increased the prices of its 2003 models shipped to the US by 1-3%.

The won has appreciated against the US dollar by around 10% this year.