EU poised to impose €21 billion tariffs on U.S. if no trade deal, Tajani says
By Nathan Gomes and Kalea Hall
(Reuters) -U.S. auto sales for Ford Motor (NYSE:F) and South Korea’s Hyundai Motor (OTC:HYMTF) rose in May, the companies reported on Tuesday, as concerns over potential tariff-related price hikes prompted buyers to act fast on their purchases of cars and SUVs.
U.S. President Donald Trump’s tariff policies have fueled uncertainty across the auto industry, driving up supply costs, pressuring margins and pushing some automakers to pass the expenses on to consumers.
The sales also got a boost from offers and trade-in deals for affordable pickups and crossovers.
Ford’s overall sales rose to 220,959 units in May from 190,014 units a year ago.
The Detroit automaker’s F-Series truck sales climbed 15% to 79,817 vehicles during the month.
Ford in April extended discounted rates to its customers that are generally reserved for its workers to keep sales moving, although the automaker also hiked prices on three of its Mexico-made products in May.
Hyundai also reported an 8% year-on-year rise in U.S. auto sales to 84,521 vehicles in May.
The company noticed a pick up in demand in March and April with a "little bit of a rush" from consumers coming in to purchase because they were concerned about potential tariff price increases, Randy Parker, CEO of Hyundai Motor America, said in an interview on Tuesday.
But no decisions were made on changing sticker prices for the brand’s vehicles as a result of tariffs, Parker added.
A price protection program instituted by the automaker in early April ended on June 2 and was not extended. The program guarantees no hikes to sticker prices on new vehicles sold through the period.
"This period really marks our regular annual pricing review," Parker said. "We take a look at market dynamics, consumer demand, independent of tariffs."