AKRON — Goodyear is planning to raise prices in the U.S. and Canada on July 1 for all Goodyear- and Cooper-brand consumer tires by up to 10% and on commercial truck tires by up to 6%.
Darren Wells, chief financial officer, cited rising raw-materials and other inflation-impacted costs for the need to raise prices. The changes affect all Goodyear and Cooper flag and associate brands.This will be Goodyear's second price increase of 2022.
Goodyear last raised prices in North America on Jan. 1 — by up to 12% on consumer and up to 14% on commercial/OTR tires across all brands — and prior to that three times in 2021.
Goodyear joins six other tire companies that have either raised prices recently or announced price increases for July 1:
- Bridgestone Americas Inc. is raising prices on Bridgestone-, Firestone- and Fuzion-brand passenger, light truck and motorcycle tires in the U.S. and Canada by up to 10%;
- Kumho Tire Canada will raise prices throughout Canada by 5% to 7% on specific all-season passenger and light truck tire lines;
- Sumitomo Rubber North America Inc. plans to raise prices in the U.S. and Canada by an undisclosed amount on Falken-brand passenger, light truck and medium truck tires;
- Yokohama Tire Corp.plans to raise prices in the U.S. on replacement market consumer and commercial tires by an undisclosed amount.
In addition, Pirelli Tire North America Inc. is raising prices on passenger and light truck tires sold in the U.S. by as much as 10%, depending on line and tire size, effective June 15, and Michelin North America increased prices across its brands on June 1 in the U.S. and Canada ranging from 5% to 12% on the majority of passenger and light truck replacement tires and service offers.