Yokohama, Pirelli prepare to raise domestic prices
Both Yokohama Tire Corp. and Pirelli Tire North America will raise tire prices before the year is out.
Yokohama´s "across the board" tire price increases will go into effect Dec. 31. Consumer tire prices will be raised by 3% to 4%, while commercial and off-the-road tire lines will be raised by 3% to 5%. Additional in-line adjustments also will be made.
Yokohama says detailed pricing will be provided to dealers prior to the actual increase.
"In addition to the shortage of supply for various tire components such as SBR and steel, (Yokohama) has cited escalating business expenses, including the rising cost of materials, energy cost increases, freight cost increases and social cost adjustments as the reason for the increase," says the company.
Pirelli´s parent company, Pirelli & Cie SpA, announced it will raise prices 3% to 5% in the United States, Canada, Mexico, Middle East and the Asia Pacific region in December.
Rising raw material and power costs were cited as the reason for the increases, which apply to all its "car, motorcycle and heavy-duty truck tires," according to the company.
Earlier this month, the Italian tire manufacturer announced it will raise tire prices between 3% and 5% in Europe in December.