AMSTERDAM—Michelin is raising prices in Europe in its various segments for the second time in 2017, the French tire maker disclosed recently in a presentation with financial analysts.
Michelin disclosed the price hikes during a J.P. Morgan Chase & Co. investor forum on May 12 in Amsterdam.
In that presentation, Michelin stated that it had raised prices on truck/bus tires in May by 5 to 8 percent and is intending to raise car and light truck tire prices by 2 to 3 percent in June. The firm also plans to raise agricultural tire prices by up to 12 percent in July.
These price increases are in addition to the previous round which came into effect throughout the first four months of the year, a Michelin spokesman said.
In February, Michelin announced that increases "may be up to 8 percent, depending on the tires, for the passenger car & light truck, truck, earthmover, agricultural and two-wheel segments."
The French tire maker has maintained that it would continue to "manage prices agilely" in the face of higher raw materials costs.
In the J.P. Morgan presentation, Michelin indicated its 2017 growth would be driven in the first half by higher volumes and in the second half by the effect of the price increases.
For the full year, Michelin said it expects earnings be be affected negatively by raw materials-related headwinds of $950 million or more.