Hyundai credits the new Canada-Korea Free Trade Agreement as the driving force behind a new reduction in the marque’s prices.

Detailed in the table below, the reductions see a modest decrease in price for the Accent and Elantra, plus a $1,300 cut to the price of the Santa Fe XL – bringing it under $30,000.

The full Hyundai press release follows below the table.

VEHICLE PREVIOUS MSRP NEW MSRP DIFFERENCE
Accent 5-door L 6MT

$13,899

$13,599

– $300
Elantra Sedan GL 6AT

$20,999

$19,449

– $650
Veloster 6MT

$18,299

$17,999

– $300
Equus Ultimate

$72,299

$71,000

– $1,299
Santa Fe XL

$31,299

$29,999

– $1,300

_______________________________
Full Release:

Amidst an environment with a Canadian dollar that is declining in value on international markets and an automotive industry that is raising vehicle prices, Hyundai Auto Canada Corp. is celebrating the next significant step toward barrier-free international trade by announcing today that – effective January 15 – the manufacturer suggested retail price (MSRP) of many Hyundai models have been reduced by up to $1,300. This move is made possible with the recent implementation of the Canada-Korea Free Trade Agreement (CKFTA). The price reductions affect a wide variety of 2015 model year Hyundai vehicles in the company’s line-up, from the Accent subcompact and Elantra compact, to the Equus full-size premium sedan and 7-passenger Santa Fe XL SUV.

“Hyundai is pleased to pass the benefits of this significant free trade agreement on to consumers,” said Don Romano, President and CEO of Hyundai Auto Canada. “We wanted to take action quickly after the government took the first step toward removing the import duty. Hyundai vehicles have a well-known reputation for making advanced technology and premium features available to consumers at an accessible price.”

Previous to the agreement, a 6.1 percent federal import duty was applied to the landed cost of vehicles manufactured in South Korea. The CKFTA eliminates the duty in three annual reductions, with the first being effective this month. Vehicles manufactured within North America are already imported to Canada duty-free due to the existing North American Free Trade Agreement.

“This is definitive proof that the Free Trade Agreement between Canada and South Korea delivers a true benefit to consumers,” added Romano. “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.”

The pricing adjustments vary by model and by trim; examples can be found below:

VEHICLE PREVIOUS MSRP NEW MSRP DIFFERENCE
Accent 5-door L 6MT

$13,899

$13,599

– $300
Elantra Sedan GL 6AT

$20,999

$19,449

– $650
Veloster 6MT

$18,299

$17,999

– $300
Equus Ultimate

$72,299

$71,000

– $1,299
Santa Fe XL

$31,299

$29,999

– $1,300
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