AKRON-Following the lead of Goodyear and Bridgestone/Firestone, Michelin Americas Small Tires has announced a price increase of up to 6 percent on replacement passenger and light truck tires, effective March 1. Cooper Tire & Rubber Co. also said it plans to raise prices in coming months.
Greenville, S.C.-based Michelin said the price increase will affect its Michelin, Uniroyal, BFGoodrich as well as private and associate brands.
Cooper, based in Findlay, Ohio, said it will hike prices up to 4 percent on passenger and light truck tires beginning March 1. The increase will impact all Cooper-made tire brands, a company spokesperson said.
Earlier, Goodyear and Bridgestone/Firestone (BFS) announced similar price increases to take place Jan. 1 and Feb. 1, respectively. Other tire makers contacted by Tire Business said they are likely to follow suit.
Goodyear plans to raise prices up to 5 percent on Goodyear, Dunlop and Kelly brand passenger and light truck tires and by 3 percent on Goodyear-brand medium truck tires. In addition, the company said it will hike prices up to 5 percent on Dunlop, Kelly and Steelmark brand commercial truck tires.
BFS said it will raise prices up to 3 percent on Bridgestone and Firestone brand commercial truck tires and on Bridgestone, Firestone, Dayton, associate and private brand passenger and light truck tires.
While both Goodyear and BFS cited higher costs for their increases, Michelin said that was not the reason for its price hike. ``The value (of the tires) is not reflected in the price of the product,'' a company spokeswoman said.
Other tire makers considering price hikes include Toyo Tire USA Corp., Hankook Tire America Corp. and Yokohama Tire Corp. A spokeswoman for Continental Tire North America said that company is experiencing similar increased costs internally but isn't planning any changes in pricing for the first of the year. Pirelli Tire North America did not return phone calls.