Hyundai Europe CEO: we won’t take a “knee-jerk reaction” to Tesla

MUNICH, May 17 (Reuters) – Hyundai Motor Co’s (005380.KS) European chief said the carmaker was not making a direct change to its pricing in response to Tesla’s (TSLA.O) price cuts, adding consumers needed reassurance that prices wouldn’t go up and down.

“We are not taking what I’d call a knee-jerk reaction to what the competition does… we know that Tesla’s pricing will alert some consumers to consider Tesla that hadn’t before, so of course you have to look at that,” Hyundai Motor Co Chief Executive for Europe Michael Cole said at the Reuters Automotive Conference in Munich.

“We have to be confident in our pricing strategy,” he added.

Reporting by Joseph White, Victoria Waldersee; Editing by Rachel More