NASHVILLE, Tenn.—Hankook Tire America Inc. is planning to raise prices on Hankook- and Laufenn-brand passenger and light truck tires on May 1 by up to 8 percent.
The company also is raising prices on medium truck tires by an as-yet undisclosed percentage.
Individual price increase will vary by product within each brand portfolio, Hankook said, citing several factors — including rising cost of operations and raw materials, increased logistics costs and other market factors — as reasons for the increases.
Hankook said it is working with its customers to provide more detailed information about the increases.
This is Hankook's first announced price increase since last August, when the Nashville-based company raised prices up to 7% on Hankook- and Laufenn-brand passenger and light truck tires in the U.S.
Other companies to have announced price increases for April or May include:
- Bridgestone Americas Inc.—raising prices up to 10 percent on non-winter Bridgestone-, Firestone- and Fuzion-brand passenger and light truck replacement tires sold in the U.S. and Canada on April 1.
- Continental Tire the Americas—raising on select Continental- and General-brand passenger and light truck tires in the U.S. market, also on April 1.
- Giti Tire USA Ltd.—raising prices on all Giti-produced passenger and light and medium truck tires tires sold in the U.S. by up to 8 percent starting in May.
- Michelin North America Inc.—raising prices up to 5 percent across its brands on "select" passenger and light truck replacement tires, up to 9 percent on motorcycle tires, up to 8 percent on road-going (only 19.5 rim diameter and smaller) commercial tires (19.5-inch rim diameter and smaller) and by up to 19 percent on off-road tires, also on April 1.
- Pirelli Tire North America Inc.—increasing prices by up to 10 percent for car and light truck tires sold in the U.S. on April 1.