AKRON — Two of the world's largest tire makers have announced additional price increases.
Greenville, S.C.-based Michelin North America will increases 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.
The tire maker also will increase prices up to 9% on motorcycle tires, and up to 12% for on-road and off-road commercial products and service offers.
Michelin said price changes may vary across specific products, channels and countries within each brand portfolio. It said it will provide more details to dealers, end-users and commercial equipment manufacturers by May 15 with additional questions addressed directly through account managers.
This latest action marks the fifth time Michelin has announced price hikes in the past year in North America, most recently on April 1, when it raised prices by up to 5% across its brands on "select" passenger and light truck replacement tires, up to 9% on motorcycle tires, up to 8% on road-going commercial tires and by up to 19% on off-road tires, due to "market dynamics."
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Meanwhile Nashville-based Bridgestone Americas Inc. said it is raising prices on all Bandag tread rubber and cushion in the U.S. and Canada by up to 17%, effective May 2.
Bridgestone said the price hike is in response to current market dynamics, and that the prices of anicillary products also will be increased, based on current market conditions.
Members of the Bridgestone commercial sales teams will be contacting customers to provide more details about the changes.
This marks the fourth increase of 2022 for Bridgestone. The tire maker raised prices on Bridgestone- and Firestone-brand commercial, OTR and agriculture tires by up to 15% in the U.S and Canada, starting May 1.
That increases also applied to agricultural tubes, bladders and tracks, Bridgestone said.
In March, Bridgestone announced a price increase of up to 10% on non-winter Bridgestone-, Firestone- and Fuzion-brand passenger and light truck replacement tires sold in the U.S. and Canada. That increase took effect April 1.
On Jan. 1, the company increased prices on Bridgestone-, Firestone- and Fuzion-brand passenger and light truck replacement tires and Bridgestone motorcycle tires.