Hyundai maintains its pricing post-Brexit vote

Hyundai chooses to maintain pricing post-Brexit vote

Currency fluctuations since Brexit have prompted several car makers to raise prices by up to 2.5%; Hyundai won’t follow suit

Hyundai has chosen to keep its UK pricing the same since the UK’s vote to leave the European Union.

Other manufacturers, including Ford, Honda and Suzuki, joined the list of car makers increasing UK pricing on their models as a result of Brexit, after the vote caused fluctuations in the pound. 

However, Hyundai has opted to keep its prices fixed in an attempt to get the edge over the competition, according to UK CEO Tony Whitehorn. 

“It is a strategic move for us, the strategic move being that we want to try and make our cars accessible; that’s key for us,” Whitehorn said. “This year, we will not raise our prices; but that’s not saying that we will not raise our prices in the future, and that has been the strategy that we have taken here in the UK.”

Ford has announced that prices will increase by 1.5% across its range, while Honda will be increasing the prices of its cars by an average of 0.9% this month. Some Suzuki models will also be subject to price increases, with a 2% increase blamed on the fluctuation of sterling. 

The PSA Group, which is made up of Peugeot, Citroën and DS, raised its prices by 2% after the UK’s vote to leave the European Union. 

Vauxhall is set to increase prices of most models in the UK by 2.5% on the 1 October, matching an increase made in the aftermath of Brexit.

General Motors Europe has suffered as the value of the pound slipped against the euro, with the UK being its largest national market. Tina Müller, Opel’s chief marketing officer, said Brexit has in effect cost the company £346 million already.

“It will be the trend across the industry,” Müller told journalists at the Paris motor show. “I think we are leading here but we know that everybody else will follow.”

Despite GME’s predictions for a decline in the British market, sales remain strong at the moment.

Source: Car

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