Raw materials do it again: Toyo hikes prices
Effective June 1, 2011, Toyo Tire U.S.A. Corp. will increase the dealer base price on passenger car and light truck tires up to an average of 8 percent.
“Toyo Tires is committed to providing excellent product quality while keeping prices to a minimum; however the continued increases in raw material costs make it necessary for us to raise our prices at this time,” says John Hagan, senior director of sales, Toyo Tire U.S.A. Corp.
Toyo’s announcement follows the company’s release of sales figures revealing a drop in revenue (see Toyo records sales increase, revenue decrease).
Toyo Tires joins the following companies in announcing recent price increases.
* Falken Tire Corp. will increase prices up to 8% on its consumer tires effective July 1.
* Double Coin Holdings Ltd. will raise prices up to 6%, effective June 1, on all Double Coin produced radial truck, OTR, crane and industrial tires. That includes associate and private brand radial truck tires.
* Falken Tire Corp. will raise commercial truck tire prices by up to 10% effective June 1.
* Hankook Tire America Corp. will raise prices on its commercial tires, including Hankook and Aurora, effective June 1. The increases will be up to 9%.
* Yokohama Tire (Canada) Inc. raised prices on its consumer tires on May 1, 2011. According to the company, all pricing on unfilled orders placed before May 1 "will be re-calculated at the new prices."
The price increases vary by tire category: High Performance, 5%; Light Truck, 4%; Passenger Touring, 4%; Winter, 4%.
* Michelin North America (Canada) Inc. will raise consumer tire prices up to 10% effective June 1, 2011. (The product lines included in the company's April 1, 2011, "Winter Tires Base Price Book" are not included.)