TAIPEI, Taiwan (March 21, 2008) — Nankang Rubber Tire Corp. Ltd. and Federal Corp., are raising prices on their tire lineups.
Federal will raise prices by 5 percent on both its Federal and Hero brand tires effective April 1.
Nankang raised prices by 10 percent on March 1 on all of its tire lines to all global markets. The company initially reported on March 12 that the price increase would be 5 percent.
The tire makers, both based in Taiwan, cited increasing energy and raw material costs as reasons for the hikes.