CYPRESS, Calif.—Toyo Tire U.S.A. Corp. is planning to raise prices in the U.S. on most consumer and commercial tires by up to 6 percent, effective May 1.
Mike Graber, vice president of sales, cited increases in raw material costs and market conditions as the reasons for the increase. Winter tires are excluded, he added.
"As always, we remain committed to providing excellent products, service and quality for our dealers and consumers," he said. "We greatly appreciate their business."
The increase affects the U.S. only. Toyo did not comment on prices in Canada.
This is Toyo's first price increase since May 2019, when the Cypress-based subsidiary of Japan's Toyo Tire Corp. raised prices on most of its commercial tires. and January 2019 on consumer tires.
Toyo joins a growing list of companies that have raised prices recently or announced plans to do so.
Among them are:
- Apollo Tyres Ltd.—raised prices on Vredestein-brand products in the U.S. and Canada by up to 5 percent, effective March 1;
- Bridgestone Americas Inc.—increasing prices up to 8 percent on April 1 on its portfolio of Bridgestone-brand commercial truck tires and Bandag retreading products in the U.S. and Canada;
- Continental Tire the Americas L.L.C.—increased prices on select Continental- and General-brand passenger and light truck tires in the U.S., effective March 1;
- Goodyear—raising prices April 1 on all Goodyear-, Kelly- and Dunlop-branded passenger tires by up to 8 percent in North America;
- Michelin North America Inc.—raising prices on select Michelin, BFGoodrich and Uniroyal car and light truck tires in the U.S. and Canada by up to 8 percent on April 1, on top of a 5 percent increase imposed on Feb. 1; and
- Pirelli Tire North America Inc.—raising car and light truck tire prices in the U.S. on April 15 by up to 7 percent.