AKRON (Feb. 10, 2017) — Hankook Tire America Corp. and Pirelli Tyre S.p.A. are raising tire prices in North America April 1 on their respective product lines.
Hankook's increases will be up to 8 percent on its passenger, light truck, and commercial products, with changes varying by specific product lines, the company told its dealers recently.
Pirelli will increase prices by up to 9 percent on car, light truck and motorcycle tires in both North America and Europe, the firm said.
Both companies cite rising raw materials costs as a key reason for the increases. Hankook also cited "other business factors," while Pirelli noted its "growing investment in the development of new products with an elevated level of technological content."
Hankook added: "As a company we are very dedicated to ensuring our customers are receiving our best at the most affordable prices."
These notifications bring to 11 the number of U.S.-based tire makers or importers/distributors that have raised prices or announced plans to do so.
The others, listed alphabetically by company, are:
Bridgestone Americas Tire Operations' increase of up to 5 percent, effective March 1, applies to the company's range of passenger, light truck, truck/bus, OTR and agricultural tires and retread products and tubes as well.
The new pricing will vary by business unit and product line; Bridgestone's sales and account teams will provide customers with further details.
Carlstar Group L.L.C. is planning to raise prices globally on its full range of specialty tire products by 8 to 12 percent, effective on or before March 1. The increases cover the Carlisle, Marastar, Marathon and Ultra CRT brands.
Separately, Carlstar said the increase for the ITP brand will be 5 to 8 percent across the entire tire portfolio, effective Feb. 6.
Carlstar Group noted "significant volatility" in the market may require further increases.
Dynamic Tire Corp. disclosed earlier in January that prices for Sailun-brand passenger, light truck, medium truck and ST-type trailer tires in North America increased 5 to 8 percent in January. The increases apply to both Canada, where Dynamic distributes the brand, and the U.S., where TBC Corp. handles the brand.
Dynamic said the brand's manufacturer, Sailun Tire Co. Ltd., is "making every effort to minimize these costs, while continuing to produce a premium quality product."
Goodyear is hiking prices by up to 8 percent on its full product range and for all of its brands in the U.S. and Canada, the firm said. Goodyear is also raising prices in Europe and other markets.
Kumho Tire USA Inc. plans to raise prices April 1 in the U.S. on passenger, light truck and medium truck tires by up to 8 percent. The increase will vary by SKU.
Michelin North America Inc. is increasing prices by up to 8 percent for its passenger, heavy truck, earthmover, industrial-handling, ag and two-wheel segments across all its brands in the U.S., Canada and Mexico.
Sumitomo Rubber North America Inc. (SRNA) is raising prices in North America on its Falken- and Ohtsu-brand passenger, light and medium truck tires by 5 percent on a weighted average.
Toyo Tire U.S.A. Corp. will increase the U.S. dealer base price list of Toyo-brand passenger, light truck and commercial truck tires by up to 7 percent, effective April 1.
Yokohama Tire Corp. and Yokohama Tire Canada plan to raise prices in the U.S. and Canada on consumer, commercial and OTR tires by up to 7 percent, beginning April 1. Some in-line adjustments will be determined within the month, YTC added.