By Denna Bowman
US motorists have been hit another wave of tyres manufacturers who have announced they are set to hike prices.
Nexen tyres will apply an 8 per cent price increase on all warehouse orders and June factory direct container production. The increase will apply to all sizes and patterns.
John Aben, Nexen’s vice president of sales and marketing, says the decision to raise tyre prices was based on “the rapid cost increase of raw materials and ocean freight.
Kumho will raise prices on all its passenger and light truck tyres up to 8 per cent from 1 June.
The company stated: “The unprecedented increase in raw material costs over the past few months have made it necessary for Kumho to implement this increase.”
The following month, Pirelli will increase replacement passenger and light truck tyre prices by 4 per cent effective from 1 July.
Bridgestone, Michelin, Goodyear, Continental and Hankook have already announced similar price rises.