Michelin said this is the first time it's increased prices in nearly 5 years. (Photo courtesy of Michelin)
Bridgestone Americas Tire Operations and Michelin North America both plan to increase prices across of a range of their tire lines by up to 8% starting March 1, following a similar move by Yokohama in response to higher raw material costs and “other market dynamics.”
Bridgestone plans to “adjust” prices upward in North America across a “range” of its passenger, light truck, commercial truck, bus, off- road, and agricultural tires, as well as retread products and tire tubes, by up to 8% starting March 1 this year.
Michelin’s price hike will affect all of its tire segments, the company noted, including passenger, heavy truck, earth-mover, industrial handling, agriculture and two-wheelers in the U.S., Canada and Mexico.
“This increase represents Michelin’s first since 2012, comprising net effects of raw material prices as well as … technology enhancements, innovations and other market conditions,” the company noted in a statement.