CYPRESS, Calif. (Nov. 21) — Toyo Tire (U.S.A.) Corp. plans to increase prices by up to 8 percent on its passenger and light truck tires, effective Jan. 1.
A company spokesman said the hikes were due to continued increases in raw materials and transportation costs.
The Cypress-based tire maker last raised prices July 1 on car and light truck tires and, most recently, boosted medium truck tire prices on Nov. 1. That encompassed a 5-percent hike on truck and bus tires and 8 percent on off-the-road tires.
Toyo dealers have been notified about the latest increases, the spokesman said.
In a recent interview concerning whether continued price increases have been sticking, Toyo's Steve Weinger, senior vice president of sales and marketing, said tire manufacturers are simply trying to offset their own increased raw material expenses.
Price hikes are "not to improve profitability but to make up for the oil prices," he explained. While price increases are a necessity, Weinger said that tires "are still a good value."