Hyundai to suspend EV production in S. Korea due to slow demand, US tariffs, says Yonhap

SEOUL: Hyundai Motor plans to temporarily suspend production of some of its electric vehicles (EVs) in South Korea due to slow demand and US tariffs, Yonhap news agency reported on Thursday, citing unnamed industry sources.

The South Korean automaker is expected to halt operations on some production lines from April 24-30 at its Ulsan complex, where it makes Ioniq 5 and Kona electric vehicles, Yonhap said.

Yonhap added that the suspension comes as EV orders from major markets have fallen sharply in April following the removal of government EV subsidies and U.S. tariffs on imported vehicles.

Hyundai Motor was not immediately available for comment outside regular business hours.

US President Donald Trump's administration announced a 25% tariff on imported cars and light trucks this month.

Hyundai Motor has said that it plans to keep sticker prices on its current model lineup steady for the next two months in an effort to ease customer concerns that the fallout from tariffs will impact dealer lots.

The programme runs until June 2, and comes after the South Korean auto group's US$21 billion investment in the US announced in March.