By Alex Kapadia
Yokohama Rubber Co Ltd (YRC) has announced that it will increase prices on its exported car, light truck, truck and bus and OTR tyres by up to 15 per cent from the start of January 2010.
The price hikes do not affect Yokohama tyres in the US where the tyre maker’s US subsidiary, Yokohama Tyre Corp (YTC) raised prices on all its consumer tyres by up to 6 percent, with effect from 1st January 2010, according to a YTC spokesman.
The YRC price increases apply to all other overseas markets, except for Japan, and a larger mark-up may be applied to specific regions and products.
The Japanese tyre manufacturer said the hikes were due to the increased costs of raw materials, including natural rubber and crude oil.
Leading tyre makers around the world, including Bridgestone, Goodyear, Continental, Pirelli, Nexen, Kumho and Hankook have already cited the same reasons for their recent announcements that they are increasing prices in the US.