In a bid to encourage barrier-free international trade, Hyundai Auto Canada Corp. announced it has lowered its MSRP on many 2015 models by up to $1,300, which came into effect on Jan.15, 2015.
This announcement comes on the heels of the recent implementation of the Canada-Korea Free Trade Agreement, which the Government of Canada says will boost Canada’s economy, particularly exports to South Korea.
“Hyundai is pleased to pass the benefits of this significant free trade agreement on to consumers,” said Don Romano, President and CEO, Hyundai Auto Canada, in a press release, adding Hyundai wanted to act quickly after the Government of Canada made the announcement about the free-trade agreement.
Romano added: “We believe that eliminating international trade barriers empower consumers to make more informed purchase decisions by providing a clearer picture of the merits of a product. Pricing is obviously a major factor in that decision, so, by adjusting the prices of Hyundai vehicles, our customers will see just how competitive our products actually are.”
Hyundai’s price reductions include the Accent subcompact and Elantra compact, to the Equus full-size premium sedan and 7-passenger Santa Fe XL SUV.
Before the agreement came into force, a 6.1 per cent federal import duty was applied to the landed cost of vehicles manufactured in South Korea — which has now been eliminated. Vehicles manufactured within North America are already imported to Canada duty-free due to the existing North American Free Trade Agreement.
