TOKYO (Dec. 26, 2007) — Michelin's Japanese subsidiary plans to hike prices for its passenger and light truck summer tires, truck and bus summer tires and earthmover/industrial/agricultural tires for the Japanese replacement market.
Nihon Michelin Tire Co. Ltd. said it will raise passenger and light truck summer tires by an average of 5 percent, effective March 1; truck and bus summer tires an average of 7 percent March 1; earthmover tires an average of 8 percent March 1; and ag tires an average of 3 percent Feb. 1.
The firm cited continued increases in raw material costs as the reason for the price hikes.