TOKYO (April 3, 2011)-Yokohama Rubber Co. Ltd. is hiking prices on all tires it exports from Japan by up to 15 percent, but the move doesn't affect the U.S. for now.
The company's U.S. subsidiary, Yokohama Tire Corp., said while it is holding he line on price hikes, it is evaluating the situation.
Yokohama Rubber blamed continuing increases in raw materials costs for its decision, price hikes of as much as 15 percent. The company said higher prices may be necessary for specific regions or products, and further changes may be necessary later, depending on how raw material costs develop.
The U.S. subsidiary already had scheduled a price increase for April 1, of an average of 8 percent in the U.S. on light and medium truck tires, after raising consumer tire prices in North America on March 1 by up to 8 percent.