AKRON—Goodyear is the latest tire maker to raise prices, increasing costs for Goodyear-, Dunlop- and Kelly-brand consumer tires in the U.S. on Oct. 1 by up to 5 percent.
Goodyear said the price hike was "in response to changing market dynamics in the industry and to reflect the strong value of the Goodyear brands."
Goodyear last increased consumer tire prices 13 months ago, raising them up to 3 percent in the U.S.
Other tire makers that have announced price hikes in the last few months include:
- Michelin North America Inc., which is raising prices Dec. 1 up to 4.9 percent for Michelin- and BFGoodrich-brand truck tires and Michelin Retread Technologies and Oliver-brand retread products in the U.S. and Canada. It raised prices up to 5 percent on Sept. 1 on selected Michelin-and BFGoodrich-brand passenger and light-truck tires in the U.S. and Canada.
- Yokohama Tire Corp., which is raising prices in the U.S. by as much as 5 percent on its consumer tires, including passenger, high performance and light-truck tires, beginning Nov. 1.
- Pirelli Tire North America L.L.C. raised prices on replacement market passenger and light truck tires in the U.S. on Oct. 1 but declined to say by how much. The increase varies by line and tire size. Pirelli also raised prices by an average of 6 percent on Jan. 1.
- Cooper Tire & Rubber Co. raised prices on its Cooper- and Roadmaster-brand truck tires to compensate for the elevated import duties levied by the U.S. government on truck tires from China. The increases were effective after the start of the second quarter. Cooper declined to disclose the scale of the increase.