NASHVILLE — Hankook Tire America Corp. is planning to increase the prices of commercial truck tires it sells in the U.S. by 5%, effective May 1.
In addition, Hankook said there will be a price increase on all aftermarket fleet programs. It did not specify the amount of that increase.
Hankook said the increase, its second in six months, is a result of increasing logistics, raw material cost and other market factors that have affected internal costs. The company said dealers and fleet customers will receive additional information, and directed questions to account managers as needed.
Hankook last raised truck tire prices in the U.S. in December 2020, by up to 5%.
The tire maker recently announced it was planning to invest $85 million in 2021 as part of a Phase II expansion of its 4-year-old tire plant in Clarksville, Tenn., in part to accommodate production of some tire types being transferred from plants in South Korea.
Most major tire makers have announced price increases over the last six months.