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Hankook to raise tire prices

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Hankook Tire America Corp. will raise prices by up to 7% on its full line of passenger, high performance and light truck tires on July 16.

The amount of the increase will vary by product line and/or size.

The price increases reflect rising costs in raw materials, particularly petroleum products and natural rubber, changes in the China VAT regulations as well as higher costs in transportation and general operating expenses, the company says.

Earlier, Kumho Tire U.S.A. Inc. announced it would raise its passenger and light truck tire prices up to 7%, depending on tire model, on Aug. 1.

Hankook's last price increase took affect on April 1.

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