Hankook announces tire price increases

Aug. 14, 2008

Hankook Tire America Corp. is raising prices by up to 10% on its full line of passenger, light truck and medium-duty truck tires.

The amount of the increase will vary by product line and/or size, the company says. The increases will take effect Oct. 1, 2008.

“While our company continues to make every effort to control manufacturing and distribution costs without compromising service to our customers, the unprecedented increases in the costs of raw materials and energy make this announcement necessary,” says Bill Bainbridge, director, brand communications

Previously, Toyo Tire U.S.A. Corp. reported a price increase on its consumer and commercial tires up to 10%, also effective Oct. 1. The increases will cover Toyo brand passenger, light truck, truck and OTR tires.

Cooper Tire & Rubber Co., Continental Tire North America Inc. (consumer only) and Michelin North America Inc. (commercial only) also will increase tire prices in October.

Goodyear Tire & Rubber Co., Kumho Tire U.S.A. Inc., Bridgestone Firestone North American Tire LLC and Michelin (consumer only) will raise tire prices effective Sept. 1, as will Falken Tire Corp., China Manufacturers Alliance LLC and Yokohama Tire Corp. (commercial only).