Hyundai has opted to maintain its UK pricing at the same rate following the UK’s Brexit Vote.
Several car manufacturers, including Ford, Honda and Suzuki have raised their UK prices following the decision to leave the EU. This follows in the wake of resultant fluctuations in the pound.
The South Korean company however believes keeping prices the same as pre-Brexit, will give them the edge over their competitors, 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 stated the price of their vehicles will increase by 1.5% throughout the range; Honda will implement a 0.9% increase later this months. Suzuki will increase the price of several of their models, a 2% increase being attributed to the fluctuating pound.
The PSA Group – which consists of Peugeot, Citroen and DS – has raised its prices by 2% following the Vote.
Vauxhall prices will increase by 2.5%. General Motors Europe has suffered as Sterling has slipped against the euro, the UK being its largest national market. Tina Müller, the chief marketing officer at Opel, said the Brexit vote has in effect cost the company £346 million already.
“It will be the trend across the industry,” Müller told press at the Paris motor show in October. “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 currently remain strong.
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