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.
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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.
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