Michelin announces OE tire price increase
Michelin Automotive Industry Division (MAID) has announced a price hike on its OE passenger and light truck tires sold in North America.
Citing the significant escalation of raw material costs, the company says it plans to implement the change during the first quarter of 2004.
MAID is the latest to announce price increases. Many companies have already said they would up prices on tires due to rapidly escalating raw material costs. These include:
* Michelin North America Inc. (MNA) said it will increase its commercial tire prices by 5% on the first of the year.
MNA is raising prices on select passenger and light truck tires up to 5% the same day.
* Hankook will boost prices on its passenger, high performance, light truck and medium truck tires from 2% to 4%, effective Jan. 1, 2004.
* Both Goodyear Tire & Rubber Co. and Continental Tire North America Inc. (CTNA) raised prices on various lines.
Goodyear boosted its consumer tire prices from 2% to 3% and hiked its commercial tire prices from 4% to 6%.
CTNA increased its medium/heavy truck and OTR tire prices from 3% to 5%.
* Bridgestone/Firestone North American Tire LLC will hike consumer, medium truck, bus, farm and OTR tire prices up to 5% on Jan. 1.
* Yokohama Tire Corp. will raise prices on its commercial tires from 3% to 5% on Jan. 1, as well.