Hyundai, Kia shares tumble as Trump announces 25% car tariffs

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Hyundai, Kia shares tumble as Trump announces 25% car tariffs

Published: 27 Mar. 2025, 10:40 Updated: 27 Mar. 2025, 13:21

SARAH CHEA
[email protected]

Audio report: written by reporters, read by AI

U.S. President Donald Trump [REUTERS/YONHAP]

Shares of Hyundai Motor and Kia are sinking Thursday morning as U.S. President Donald Trump announced 25 percent tariffs on all foreign automobiles and related parts.

Trump on Wednesday ordered a 25 percent tariff to take effect on April 2, asserting that the tariffs are "permanent” and that he isn't considering further negotiations for any exceptions.

Kospi-listed Hyundai Motor is trading 217,000 won ($148) as of 10:30 a.m., down 3.15 percent from the previous session, after falling as low as 213,000 won at the beginning of the day.

Kia is trading 2.6 percent lower at 98,800 won.

Hyundai Mobis, an auto parts maker, is suffering a 2.6 percent drop to trade at 278,000 won.

Hyundai and Kia sold roughly 1.7 million cars in the U.S. market in 2024, and of them, around 65 percent were produced in Korea.

BY SARAH CHEA [[email protected]]