NASHVILLE, Tenn. — Hankook Tire America Corp. plans to raise prices in the U.S. on Aug. 1 on Hankook- and Laufenn-brand passenger and light-truck tires by up to 7%.
Hankook cited several factors, including rising cost of raw materials, increased logistics costs and other market factors that have affected internal costs, for its reasons for the increase.
The changes will vary by product within each brand portfolio.
Hankook said it will provide its customers with more detailed information about the increases.
This is Hankook's first announced price increase on consumer tires in 2021, but it has raised prices twice on commercial truck tires in the U.S. in the past six months: by up to 5% on May 1 and prior to that on Dec. 1, 2020, also by up to 5%.
Hankook's announced increase will be the 21st this year by the industry's leading participants on consumer tires, most in the range of 5% to 8%.