Nexen, Pirelli announce tire price increases
Nexen Tire America Inc. and Pirelli Tire North America are the latest tire companies to announce upcoming price increases.
Nexen will apply an 8% price increase on all warehouse orders and June factory direct container production. The increase will apply to all sizes and patterns.
John Aben, Nexen's vice president of sales and marketing, says the decision to raise tire prices was based on "the rapid cost increase of raw materials and ocean freight.
Pirelli will increase replacement passenger and light truck tire prices 4% effective one month later, July 1, 2010. The increase will apply to tires sold in the United States.
In addition to Nexen, Kumho Tire U.S.A. Inc., Yokohama Tire Corp., Hankook Tire America Corp., Cooper Tire & Rubber Co., Falken Tire Corp., Bridgestone Americas Tire Operations LLC and Continental Tire the Americas LLC also will raise tire prices on June 1.
Kumho: Passenger and light truck tire prices will be raised up to 8% effective. A company spokesman says there also will be additional inline adjustments.
Yokohama: The company will raise its consumer prices up to 8%, and also will make some in-line adjustments.
Hankook: Passenger, light truck and medium truck tire prices will be increased up to 6%, although specific increases will vary by product line and tire size.
Cooper: Prices on all of Cooper's passenger and light truck tires will increase by up to 7.5%. The company says only its tires sold in North America will be affected.
Falken: Consumer tire prices will increase up to 6%; radial medium truck tire prices will rise up to 4%.
Bridgestone: The prices on the company's Bridgestone, Firestone and associate brand passenger and light truck tires in the United States will be increased up to 6%.
Continental: Passenger and light truck tire prices will increase up to 6%, while medium truck tire prices will increase up to 7%. All Continental, General and proprietary brands will be affected.
Michelin North America Inc. announced it will raise prices on replacement truck tires sold in the U.S. by 3% to 7% on May 1. The same day, Michelin also will hike its U.S. and Canada ag tire prices by an average of 4.5%.
Goodyear Tire & Rubber Co. also will raise commercial truck tire prices effective May 1. Increases up to 8% will apply to the company's truck tire brands in North America. In addition, Goodyear will increase tread rubber prices by up to 7%.