By Denna Bowman
The price of tyres is rising again in the US as Hankook becomes the fourth manufacture to announce an increase.
The South Korean tyres manufacturer has joined Goodyear, Cooper and Pirelli in Hankook in pumping up its price in the face of rising expenses.
Hankook confirmed it will raise prices by up to 6.5% on its full line of passenger, light truck and medium truck tyres from 1 November 2010, although the amount of the increase will vary by product line and size.
Todd Hershberger, Hankook Tire America senior vice president, said: “While we remain focused on controlling our manufacturing and distribution expenses, the costs of energy, raw materials, and transportation has continued to rise making it necessary for us to make this price adjustment.”
Hankook previously raised prices on its consumer and commercial tyres in the US on 1 June 2010, when it announced increases of up to 6%.
Back in summer in the US Bridgestone, Michelin, Goodyear, Continental, Pirelli, Hankook, Kumho and Nexen all raised their prices to off-set the escalating costs of raw materials.