Yokohama Tire Corporation and Michelin North America each independently announced price increases for their full selection of tires on Wednesday.
Yokohama will increase prices by up to 7 percent on all of its tires sold in the U.S., while Michelin prices are rising by 8 percent. Yokohama’s increase will go into effect April 1; Michelin’s increases will be made in segments.
“This pricing action is necessitated by the high cost of raw materials and freight expenses that have impacted us in 2016 and will continue to be a factor in the business,” says Rick Phillips, Yokohama Tire vice president of sales. “As always, Yokohama will continue to bring the best product to market at competitive prices.”
“This increase represents Michelin’s first since 2012, comprising net effects of raw material prices as well as the company’s market-leading technology enhancements, innovations and other market conditions,” Michelin says..
