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Hyundai Motor says ups some export models for US

Mon Jul 7, 2008 5:36am IST
 
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SEOUL, July 7 (Reuters) - Hyundai Motor Co (005380.KS: Quote, Profile, Research), South Korea's top auto maker, said it had raised some prices for export models to the United Statesto cope with higher raw material prices.

Hyundai, the world's No.5 car maker along with its affiliate Kia Motors Corp (000270.KS: Quote, Profile, Research), increased prices of the Accent by $200 and the Elantra's prices by $300 for the United States from the beginning of July, a company spokesman said.

Those small models are produced in South Korea, he added.

"We had to raise prices for those models due to rising raw material prices," Hyundai spokesman Jake Jang said by telephone.

But the company held prices of other models, Jang said.

Global automakers, which have been hit by higher commodity prices and surging oil prices, are looking at ways such as increasing prices, to deal with rising production costs. (Reporting by Cheon Jong-woo; Editing by Keiron Henderson)

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