Hankook Tire North America will raise prices on its Hankook and Laufenn brand passenger and light truck tires up to 8% on May 1. Hankook also will hike its TBR tire prices on the same day.

The company has not specified amounts for the TBR hike.

"These increases are the result of several factors, including rising cost of operations and raw materials, increased logistics costs and other market factors that have affected internal costs," say Hankook officials.