There is no doubt that the tariff drama that has unfolded over the past weeks and months has roiled the automotive industry. While President Trump rolled back the reciprocal tariffs that were briefly in place, the originally instituted automotive levies have remained in effect (at least for the time being).
Promoted prices at retail have steadily risen since February 24th as tariff rhetoric and realities heated up, and a recent article in Automotive News featured Cloud Theory’s Average Marketed Price metric, which surpassed $50,000 on April 14 for the first time in 2025 after several months of prior price declines.
Various OEMs have taken alternate paths to account for the increased—though uncertain—cost structures that are inherently tied to the actions coming from the White House. Numerous manufacturers have informed dealers that current pricing will remain in effect until early June as they work down their existing (and previously non-tariffed) inventory. And consumer ad campaigns were quickly rolled out from brands such as Hyundai (“The Hyundai Way”, highlighting a price freeze on all models until June 2) and Nissan (“A World of Rising Prices”, touting price decreases on Pathfinder and Rogue, which are both built in its Smyrna, Tennessee plant).
These makes’ approaches to the situation are certainly commendable, but the reality of how pricing has actually played out is a bit more complicated. In the case of Hyundai, for example, its Average Marketed Price levels have been mixed, with some up relatively aggressively (Elantra, Santa Fe) compared to February 23rd, while others (Tucson, Sonata, Santa Cruz) have seen more modest increases. Hyundai had three of its major models (Palisade, Kona, and Venue) showing price decreases compared to the pre-tariff effect period. At a brand level, its Market Adjustment levels — which measure the promoted prices that consumers see on dealer websites, inclusive of visible discounts and incentives—were just $83 less aggressive than they were two months ago. Overall, the Hyundai brand has largely held the line and demonstrated its commitment to offering ongoing value to its buyer base.
Nissan’s situation is more nuanced. Overall, its Average Marketed Pricing has risen by more than $2,000 over the past two months, and its Market Adjustments are $932 less aggressive than they were before tariff effects took hold. But it is the brand’s model mix that is responsible for much of its overall price hike, with more expensive Pathfinders, Frontiers, and Muranos supplanting its less costly Kicks, Altima, and Versa inventory within its portfolio. The price of individual models is up somewhat, but in the case of Nissan, the tariffs are leading to a more indirect tax on consumers in the form of greater emphasis on higher-end vehicles.
*Increases indicate that the discounts/incentives visible to the consumer are less aggressive.
These supply, demand, and pricing shifts point out that even those OEMs with good (albeit temporary) intentions to help consumers navigate the tariff storms must do so model by model (and even trim by trim), and with overall outcomes that will still be more complicated than they appear on their surface.
Cloud Theory will be here to keep an eye on all of these dynamics in real time. To keep up to date on where the market goes from here, subscribe to our blogs and reports.