BFNT latest tire maker to hike prices

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Bridgestone Firestone North American Tire has become the latest tire manufacturer to announce a price increase, with this week’s announcement of a price hike for its Bridgestone and Firestone brand tire lines, as well as all associate brand tires.

The announced increases — up to 8 percent on passenger and light truck, truck and bus, and agricultural and off-the-road tires — will affect the replacement, original equipment and export channels. The price increases are scheduled to begin phasing in March 1, BFNT said Jan. 28.

“The continuing unprecedented upward spiral of energy and raw material costs makes this action necessary,” says Asahiko “Duke” Nishiyama, vice chairman and president of Nashville, Tenn.-based BFNT. “This unrelenting escalation of costs is simply not a situation that can be managed through the enhanced efficiencies and increased productivity that we are continually implementing at all levels of our company. As a result, we have no choice but to implement this price increase.”

Other tire manufacturers that recently have announced price increases include:

  • Continental Tire North America, whose commercial vehicle tire division increased prices on its Continental, General, Semperit and private brand truck tires by up to 6 percent. The Charlotte, N.C.-based company says the price hikes — which go into effect Friday, Feb. 1 — are in response to the “unprecedented escalation” of the costs of raw materials.
  • Yokohama Tire Corp., which raised prices on its consumer, medium truck, commercial light truck and off-the-road tires. The price increase — which the Fullerton, Calif.-based company says is by up to 7 percent — became effective Jan. 1.
  • Hankook Tire America Corp., which announced plans to raise prices on its full line of passenger, high-performance and light truck tires by up to 5 percent. The Wayne, N.J.-based company’s price increase went into effect Jan. 1.