Hankook announces 3% to 5% price increases

Nov. 15, 2004

Hankook Tire America Corp. will raise prices on its full line of passenger, high performance, light truck and medium truck tires effective Jan. 1, 2005. The increases will range from 3% to 5%.

According to Hankook, the price increases "are consistent with price hikes announced recently by other major tire manufacturers marketing their products in the United States." They reflect the industry’s rising costs for raw materials, shipping and general operations.

In October, both Yokohama Tire Corp. and Pirelli Tire North America announced they 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.

Pirelli will raise prices 3% to 5% on its car, motorcycle and heavy-duty truck tires.