AKRON—Increased business costs, including the rise in raw materials prices, are forcing some tire makers to raise prices on passenger and light truck tires sold in the U.S.
Within the last week, Bridgestone Americas Tire Operations, Cooper Tire & Rubber Co. and Kumho Tire U.S.A. Inc. have announced price increases, all of which are set to take effect Oct. 1.
Kumho, which said it planned to raise prices by as much as 6 percent on passenger and light truck tires, said the increase also will apply to medium truck tires. The exact increase, the company noted, will vary by SKU.
This is the first U.S. price hike that Kumho has instituted since April 2017, when it raised prices by up to 8 percent. The latest move, the company said in a news release, "will ultimately benefit the customer experience."
Bridgestone said it planned to increase prices as much as 3.5 percent on its passenger and light trucks tires, noting the cost will vary by product line. It also marks the first increase on these Bridgestone products since the company raised prices by 8 percent in March 2017.
The latest decision also follows Bridgestone's recently unveiled plans to increase the costs of select Firestone-brand agriculture tires by as much as 4 percent, also beginning Oct. 1.
Cooper, meanwhile, said its passenger and light truck tires will see a price increase of as much as 4 percent. It did not, however, specify the reasons for doing so.