NASHVILLE — Hankook Tire America Corp. said it will increase the price of commercial truck tires in the U.S. by 5 percent, effective May 1.
In addition, Hankook said there will be a price increase on all aftermarket fleet programs. It did not specify the amount of that increase.
Hankook said the increase is a result of increasing logistics, raw material cost and other market factors that have affected internal costs.
The company said dealers and fleet customers will receive additional information, and directed questions to account managers as needed.
The tire maker recently said it was planning to invest $85 million in 2021 as part of a Phase II expansion of its 4-year-old tire plant in Clarksville, Tenn., in part to accommodate production of some tire types being transferred from plants in South Korea.
Almost every major tire maker has announced price increases over the last six months.