By Alex Kapadia
Toyo has become the latest manufacturer to increase the price of its consumer and commercial tyres in the US.
The Japanese tyres company will introduce a six per cent hike from 1st January 2010 due to the rising cost of raw materials, according to Toyo officials.
John Hagan, senior director, sales operations for Toyo, said: “We appreciate the continued support and understanding of our dealers as we manage our firm commitment to providing the highest quality products with the steep increase in costs affecting our industry.”
Several other tyre manufacturers have already announced this month that they will hike passenger and light truck tyre prices from the start of the New Year, including Bridgestone, Continental, Pirelli, Nexen, Kumho, Hankook and Yokohama.
Goodyear and Falken already raised their prices on 1st December.
The manufacturers have all cited the rising costs of raw materials, energy and transportation as the reason for jacking up prices.