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.