Hyundai to suspend EV production in South Korea due to slow demand, US tariffs
The suspension comes as EV orders from major markets have fallen sharply in April
Add BT as a preferred source
[SEOUL] Hyundai Motor plans to temporarily suspend production of some of its electric vehicles (EVs) in South Korea due to slow demand and US tariffs, Yonhap news agency reported on Thursday (Apr 17), citing unnamed industry sources.
The South Korean automaker is expected to halt operations on some production lines from Apr 24 to Apr 30 at its Ulsan complex, where it makes Ioniq five and Kona electric vehicles, Yonhap said.
Yonhap added that the suspension comes as EV orders from major markets have fallen sharply in April following the removal of government EV subsidies and US tariffs on imported vehicles.
Hyundai Motor was not immediately available for comment outside regular business hours.
US President Donald Trump’s administration announced a 25 per cent tariff on imported cars and light trucks this month.
Hyundai Motor has said that it plans to keep sticker prices on its current model lineup steady for the next two months in an effort to ease customer concerns that the fallout from tariffs will impact dealer lots.
SEE ALSO
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
The programme runs until Jun 2, and comes after the South Korean auto group’s US$21 billion investment in the US announced in March. REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
On the board but frozen out: The Taib family feud tearing Sarawak construction giant apart
Thai and Vietnamese farmers may stop planting rice because of the Iran war. Here’s why
PayPal plans job cuts as its new CEO pursues turnaround strategy
MAS, bank CEOs convene over AI cyberthreats; boards told to own risks, not leave to IT teams
