Toyo opts for price hike of up to 6%
Toyo Tire U.S.A. Corp. will increase prices on all of its consumer and commercial tires up to 6% with in-line adjustments on Jan. 1. The increase is due to rising raw material costs, say Toyo officials.
"We appreciate the continued support and understanding of our dealers as we manage our firm commitment to providing the highest quality products with the steep increase in costs affecting our industry," says John Hagan, senior director, sales operations, for Toyo.
Also today, Hankook Tire America Corp. announced it will hike its consumer, light truck and medium truck tire prices up to 5%, effective Jan. 1
Several other tiremakers will hike passenger and light truck prices on Jan. 1, including:
* Pirelli Tire North America Inc. (4.5%, excluding its P4/P5 lines).
* Kumho Tire U.S.A. Inc. (up to 8%).
* Yokohama Tire Corp. (up to 6%).
* Bridgestone Americas Tire Operations LLC (up to 5%).
* Continental Tire North America Inc. (up to 5%).
* Nexen Tire America Inc. (8%).
In addition, Goodyear Tire & Rubber Co. (up to 6%) and Falken Tire Corp. (up to 7%) raised consumer tire prices on Dec. 1.