Toyo will raise prices
Toyo Tire (U.S.A.) Corp. has announced it will raise prices on most of its consumer and commercial products up to 4% on March 1.
The announcement is the latest in a long line of tire manufacturer price increases.
In late December, Continental Tire North America Inc. (CTNA) announced it will hike prices on its consumer tires between 3% and 6% on Feb. 1.
CTNA raised prices on its medium truck, heavy truck and OTR tires 3% to 5% on Dec. 1.
Other tiremakers who have raised prices over the past two months or so include Bridgestone/Firestone North American Tire LLC; Goodyear Tire & Rubber Co.; Hankook Tire America Corp.; Kumho Tire U.S.A.; Michelin North America Inc.; and Yokohama Tire Corp.
In each case, companies cited rapidly escalating raw material prices as a major catalyst for their decisions.