RANCHO CUCAMONGA, Calif.—Sumitomo Rubber North America will raise prices in the U.S. and Canada beginning Jan. 1. The company also raised prices multiple times throughout 2021, before hiking them once again in June 2022 and May 2023.
Affected products include select Falken passenger tires, as well as select light truck and commercial truck products. The increase comes as a response to rising operational costs, according to company officials.
"Several factors have driven the need for this price increase including increased costs in both transportation and labor, raw materials in addition to other market factors," the company said.
Inline adjustments will be implemented on a per-size basis, Sumitomo officials said. Falken's Minimum Advertised Pricing program, which assists independent tire dealers bring in higher profits on most Falken products, will be updated to reflect changes.
