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Tire Manufacturers Hike Prices Before Summer

Several tire manufacturers have announced plans to increase prices for truck tires just in time for summer.

Bridgestone Bandag Tire Solutions (BBTS), a division of Bridgestone Americas Tire Operations, said it has increased prices on its Bandag retread material up to 6 percent in the U.S., as of May 1. The company also plans to boost prices up to 6 percent for its Firestone and Dayton brand truck and bus radial tires, effective June 1.

"Today, however, we have reached a point where we must increase prices due to the unrelenting escalation of costs outside of our control for energy, fuel and raw materials," said Kurt Danielson, vice president sales and marketing, BBTS.

But Bridgestone is not alone. According to reports by Modern Tire Dealer, Hankook will hike medium truck tire prices up to 6 percent on June 1, while Falken will raise prices up to 4 percent on June 1.

Effective June 1, Continental customers are in for an upcharge of up to 7 percent for medium truck tires, following the company's February upcharge of up to 8 percent. Michelin North America replacement truck tires sold in the U.S. are now 7 percent higher, as of May 1. Michelin has also raised prices on its U.S. and Canada ag tire prices by an average of 4.5 percent, Modern Tire Dealer reports.

Prices of Goodyear Tire & Rubber Co.'s commercial truck tires are also higher May 1, with an up to 8 percent increase in North America. The company will also raise tread rubber prices by up to 7 percent.

In addition to Continental, several tire makers raised prices earlier this year. Yokohama announced it would increase prices on its light and medium commercial truck tires by up to 7 percent, starting March 1. The company said the boost was due to continued increases in the cost of raw materials and energy-related expenses.

On Feb. 1, Toyo Tire U.S.A. hiked prices of commercial truck tires by 7 percent, due to higher raw material costs. Toyo also increased prices up to 6 percent on commercial tires on Jan. 1.

Michelin's domestic customers also saw a 7 percent uptick in February on truck and retreaded truck tires.

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