Toyo Tire to Increase U.S. Tire Prices March 1 by 8%

Effective March 1, Toyo Tire U.S.A. Corp. will increase prices on passenger car, light truck, commercial truck and OTR tires by an average of 8 percent, with in-line adjustments.
“This price increase is due to the continued rise in raw material costs,” said John Hagan, senior director, sales operations for Cypress-based Toyo. “As always, Toyo Tires makes every effort to minimize these increases while still delivering a premium product. We appreciate the continued support and understanding of our loyal dealers and consumers.”
The company last hiked prices on passenger, light truck and commercial truck tires by up to 6 percent on Nov. 1, with in-line adjustments, blaming the continued rise in raw material costs, and prior to that increased prices June 1 on passenger car, LT, commercial truck and OTR tires by up to 8 percent.
Last December in Japan, Toyo’s parent, Toyo Tire & Rubber Co. Ltd., increased truck, bus and commercial light truck tires sold in its domestic market by an average of 7 percent.
(Tire Business, February 18, 2011)