Three tire companies have announced plans to increase tire prices in the coming months.
Yokohama Tire Corp. and Michelin North America both cited the costs of raw materials as to why prices will increase by 7- and 8-percent respectively. Modern Tire Dealer reported that Good Year also plans to increase the cost of its tires.
Yokohama will increase prices of its tires sold in the U.S. by April 1, including its consumer, commercial and off the-road (OTR) varieties.
“This pricing action is necessitated by the high cost of raw materials and freight expenses that have impacted us in 2016 and will continue to be a factor in the business,” said Rick Phillips, Yokohama Tire vice president of sales. “As always, Yokohama will continue to bring the best product to market at competitive prices.”
Phillips added that some in-line adjustments across consumer, commercial and OTR lines will be determined within the month.
Similarly, Michelin North America said prices will increase for the company’s passenger, heavy-truck, earthmover, industrial-handling, agriculture and twowheel tires throughout all of North America.
“The increase will be implemented separately by individual segments; customers will be notified directly with specific details,” according to a news release by Michelin North America. “This increase represents Michelin’s first since 2012, comprising net effects of raw material prices as well as the company’s market-leading technology enhancements, innovations and other market conditions.”