The Canada-Korea Free Trade Agreement (CKFTA) was implemented on January 15th, enabling steps towards barrier free international trade benefitting Hyundai. This new change in trading allows for the prices of Hyundai’s to be reduced by up to $1,300, allowing Hyundai to broaden their target market of buyers. A variety of vehicles are benefitting from this change, including 2015 model year Hyundai line-up, ranging from the Accent and Elantra subcompact 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.”
Prior to this agreement, vehicles that were manufactured in South Korea were subject to a 6.1% federal import duty. The CKFTA will be eliminating the duty beginning effective this month, in three annual reductions. Vehicles that are built in North America will not be affected because they have already been imported to Canada duty free through 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.”
Pricing adjustments available to you will vary by the model and trim you choose. To learn more about the options and savings available, talk to your local Hyundai Dealer.
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