Michelin, Goodyear, Yokohama and others to increase tire prices in wake of high raw material costs
As the price of natural rubber is predicted to increases globally, several tire manufactures have announced an increase in prices, effective in most cases by the beginning of February.
Goodyear Tire and Rubber Co.
Among the first to announce a price increase, Goodyear will increase consumer, commercial and OTR tire brand prices by 8 percent beginning Feb. 1.
Michelin North America
Prices on all Michelin brand tires will increase up to 8 percent for passenger, heavy-truck, earthmover, industrial-handling, agriculture and two-wheel segments in the United States, Canada and Mexico.
The increase will be implemented separately by individual segments and customers will be notified directly with specific details.
This increase represents Michelin's first since 2012, comprising net effects of raw material prices.
Yokohama Tire Corporation
Yokohama Tire will increase prices by up to 7 percent on all of its tires sold in the U.S., including consumer, commercial and off-the-road (OTR). The increase will go into effect April 1, about two months later than most other companies expected to raise their prices.
“This pricing action is necessitated by the high cost of raw materials and freight expenses that have impacted us in 2016 and will continue to be a factor in the business,” said Rick Phillips, Yokohama Tire vice president of sales. “As always, Yokohama will continue to bring the best product to market at competitive prices.”
Phillips added that some in-line adjustments across consumer, commercial and OTR lines will be determined within the month.
Cooper Tire
By Feb. 1, Cooper Tires announced its increase will average between 0 and 8 percent, and effect both passenger and light truck product lines.
The Carlstar Group
The Carstar Group's specialty tire products will see an increase of 8 to 12 percent on, or before, March 1. Brands affected include Carlisle, Marastar, Matathon and Ultra CRT.
ITP Tires and Wheels brand product will be increase by 5 to 8 percent on Feb. 6.
"Significant volatility in the market could lead to further increases," said a Carlstar news release.
About the Author
Vesna BrajkovicVesna Brajkovic
Associate Editor - Vehicle Repair Group
Vesna Brajkovic is a former associate editor for the Vehicle Repair Group.
Brajkovic has covered the transportation industry for a number of trade publications, with a focus on the vehicle maintenance and automotive aftermarket industries since 2016. Prior to that, she covered the global aviation industry as assistant editor for Endeavor Business Media's AviationPros.com, and held a number of editorial positions at an award-winning community newspaper.
