Toyo to hike prices up to 6% next month
Toyo Tire U.S.A. Corp. is the latest tire company to announce a price increase that will go into effect on Nov. 1.
Toyo will increase prices on its passenger, light truck and commercial truck tires up to 6%, with in-line adjustments, according to company officials. "The increase is due to raw material costs."
Earlier this week, Falken Tire Corp. announced it will raise its passenger, light truck and medium truck tire pricesup to 8%, also on Nov. 1. Other tiremakers announcing Nov. 1 price hikes include:
* Kumho Tire U.S.A. Inc., which will raise consumer and medium truck tire prices up to 6.5%.
* Hankook Tire America Corp., which will raise its consumer and commercial tire prices up to 6.5%.
* Cooper Tire & Rubber Co., which will hike its consumer tire prices in North America also as much as 6.5%.
Pirelli Tire North America says it will hike its consumer tire prices in the U.S. up to 7%, effective Dec. 1. Goodyear Tire & Rubber Co. raised its medium truck tires prices up to 8% on Oct. 1.