By Oliver Hall
Goodyear is set to hike the price of all its consumer tyres brands by 6 percent in the US from next month.
The new tyres prices will come into effect from 1 October 2010 and is a direct response to the escalating costs of raw materials.
A Goodyear spokesman is reported by Modern Tyre Dealer to have acknowledged that the increase will encompass all of Goodyear’s consumer tyre brands, including Goodyear, Dunlop and Kelly.
Last month, Bridgestone Europe announced it was increasing the price of its consumer, commercial and specialty tyres, starting from October 2010.
Its prices will rise by three to six per cent depending on the market and product category, according to the Japanese tyres manufacturer.
Makio Ohashi, CEO and President of Bridgestone Europe, said: “The increase in the cost in raw materials has continued and reached a historically high level. We have to recover some of those costs by this price increase and most probably further increases will be necessary in the coming year.”