ATLANTA—Kumho Tire USA Inc. is the latest tire maker to announce a price increase for tires sold throughout the U.S.
The increase—as much as 8 percent—will vary by SKU and affect passenger, light truck and medium truck tires, Kumho said. The firm cited increased raw materials costs as the driving factor behind the price hike.
Price adjustments take effect April 1.
In a news release, Kumho said it prides itself "on making best-in-class products at competitive prices, with superior quality and innovative technology," and is confident that its price increases will reflect a benefit to the consumer.
Kumho is the ninth tire maker to announce price increases for the U.S. market. The others are: Bridgestone Americas; Carlstar Group; Dynamic Tire (Sailun brand); Goodyear; Michelin North America Inc.; Sumitomo Rubber North America (Falken and Ohtsu brands); and Yokohama Tire Corp.