By Oliver Hall
Yokohama is the latest tyres company to announce it is increasing prices on consumer tyres in the US.
The tyres manufacturer is hiking prices by up to 8 percent, effective from 1 June due to the escalating costs of raw materials, manufacturing and transportation.
The price rise affects passenger, performance and light truck tyres.
Shawn Denlein, Yokohoma director or sales, consumer products, said: “Raising prices is always a difficult decision.
“We’ve been doing our best to contain our costs but the continued rise in raw materials, energy and transportation must, unfortunately, be reflected in Yokohama’s pricing.”
“We work hard to keep costs down while bringing the best products to market at competitive prices,” added Jim MacMaster, Yokohama executive vice president and COO.
“Even with our operational efficiencies, environmental procedures and the latest technologies, today’s tough business climate makes it a challenge to contain costs.”
Bridgestone, Continental, Goodyear and Michelin have already announced similar rises earlier this month due to the rising cost of materials.