Hyundai Raises Prices - WSFA.com Montgomery Alabama news.

Hyundai Raises Prices

A Hyundai plant worker inspects a new Sonata on the the assembly line. Korean officials are announcing the new car will cost more. A Hyundai plant worker inspects a new Sonata on the the assembly line. Korean officials are announcing the new car will cost more.

Montgomery, Al. (WSFA) -- Hyundai Motors, known for its abilty to make a car with numerous standard features while still keeping prices very low, is raising the price on its cars.

The increase, about 2%, is designed to offset the skyrocketing cost of steel and other raw materials needed to build the automobiles.

The Korean company is the world's 5th largest car maker and is a sister company to Kia Motors.

Kia has yet to determine if it will increase prices.

Reuters news services reports that Hyundai says steel prices are up some 60% since the start of 2008 and other costs are up 20%.

The price increase come as some union workers at Hyundai's Korean plant launch partial strikes Wednesday and Friday over wages.

There's no word on the new vehicle prices as Montgomery's Hyundai plant said it couldn't comment on matters in Korea.

 

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