AKRON — Goodyear intends to raise prices on "select consumer tire lines" in the U.S., most up to 3 percent, effective Sept. 1.
Goodyear said the increase covers all Goodyear brands sold in the U.S. and is "in response to rising costs and reflects the strong value of the Goodyear brands."
In its most recent financial report, Goodyear cited higher-than-expected increases in raw materials costs, unfavorable foreign currency swings and softening market conditions in China for lowering its second-half and fiscal 2018 earnings outlook by roughly 20 percent.
The Akron-based tire maker last increased prices on May 1, 2017, when it raised prices in the U.S. and Canada by approximately 6 percent. That was in addition to a price increase Goodyear initiated on Feb. 1, 2017.
Other tire makers that have raised prices this year include: Superior Tire & Rubber Corp. (6 to 12 percent); Alliance Tire Americas Inc. (up to 6 percent); Yokohama (OTR prices, only, as much as 6 percent); and Trelleborg Wheel Systems S.p.A.(ag, industrial tires, up to 10 percent in North America).