FULLERTON, Calif. (Oct. 2, 2002) — Yokohama Tire Corp. will increase prices between 3 and 5 percent on its medium duty truck, off-the-road and light truck commercial tires, and will hike prices between 3 and 6 percent on its consumer passenger and light truck tires.
All increases are effective Nov. 1.
Yokohama said its dealers have been notified of the increases, which are in line with those recently announced by other tire manufacturers. The Fullerton-based company cited several reasons for the price hikes, including infrastructure costs associated with the Transportation Recall Enhancement, Accountability and Documentation (TREAD) Act compliance requirements; increases in raw materials prices, especially natural rubber and rubber chemicals; and insurance premium increases.
Late last month Akron tire maker Goodyear said that, effective Oct. 15, it will raise the price of its Goodyear brand medium truck tires by 4 percent, citing dramatic increases in raw material costs, primarily with natural rubber.
At that time Michelin North America Inc. said it was re-evaluating the U.S. new truck tire market and a decision on prices would come in the near future. Meanwhile, Bridgestone/Firestone said it had no plans to raise prices at this time.
On July 1, Kumho Tire USA raised prices 3 percent on its line of medium truck tires and Cooper Tire & Rubber Co. boosted prices on its medium truck tires by 5 percent. Both tire makers cited higher raw material costs among the reasons for their actions.