Hyundai reduces prices by up to $1,300 due to Canada-Korea Free Trade Agreement

TORONTO, Jan. 14, 2015 /CNW/ - Amidst an environment with a Canadian dollar that is declining in value on international markets and an automotive industry that is raising vehicle prices, Hyundai Auto Canada Corp. is celebrating the next significant step toward barrier-free international trade by announcing today that – effective January 15 – the manufacturer suggested retail price (MSRP) of many Hyundai models have been reduced by up to $1,300. This move is made possible with the recent implementation of the Canada-Korea Free Trade Agreement (CKFTA). The price reductions affect a wide variety of 2015 model year Hyundai vehicles in the company's line-up, from the Accent subcompact and Elantra compact, to the Equus full-size premium sedan and 7-passenger Santa Fe XL SUV.

"Hyundai is pleased to pass the benefits of this significant free trade agreement on to consumers," said Don Romano, President and CEO of Hyundai Auto Canada. "We wanted to take action quickly after the government took the first step toward removing the import duty. Hyundai vehicles have a well-known reputation for making advanced technology and premium features available to consumers at an accessible price."

Previous to the agreement, a 6.1% federal import duty was applied to the landed cost of vehicles manufactured in South Korea. The CKFTA eliminates the duty in three annual reductions, with the first being effective this month. Vehicles manufactured within North America are already imported to Canada duty-free due to the existing North American Free Trade Agreement.

"This is definitive proof that the Free Trade Agreement between Canada and South Korea delivers a true benefit to consumers," added Romano. "We believe that eliminating international trade barriers empower consumers to make more informed purchase decisions by providing a clearer picture of the merits of a product. Pricing is obviously a major factor in that decision, so, by adjusting the prices of Hyundai vehicles, our customers will see just how competitive our products actually are."

The pricing adjustments vary by model and by trim; examples can be found below:

HYUNDAI AUTO CANADA CORP.
Hyundai Auto Canada, established in 1983 and headquartered in Markham, Ontario, is a subsidiary of Hyundai Motor Company of Korea. Hyundai vehicles are distributed throughout Canada by Hyundai Auto Canada and are sold and serviced through more than 210 dealerships nationwide. Hyundai is also the first to offer its zero-emissions Tucson Fuel Cell Electric Vehicle to Canadian customers. More information about Hyundai and its vehicles can be found at www.HyundaiCanada.com.

SOURCE Hyundai Auto Canada Corp.

Related Links

http://www.hyundaicanada.com