February 2, 2017 5:00 PM, EST
Bridgestone, Yokohama to Raise Truck Tire Prices
Luke Sharrett/Bloomberg News

Bridgestone and Yokohama announced Feb. 2 they would be increasing the price of tires as the price of raw materials rise, following a similar announcement from Michelin.

All three tire manufacturers said the increase was due to rising raw material costs. The price hikes include truck tires and all tires sold in the United States, including consumer, commercial and off-the-road.

“This pricing action is necessitated by the high cost of raw materials and freight expenses that have impacted us in 2016 and will continue to be a factor in the business,” Rick Phillips, Yokohama Tire vice president of sales, said in a statement.

Michelin North America announced Feb. 1 price increases in North America of up to 8% for heavy-duty truck tires and others it sells, adding it would roll out the exact increases separately. It is the Greenville, South Carolina-based company’s first price increase since 2012.

Bridgestone Americas Tire Operations said it will increase prices up to 8% across a range of passenger, light truck, truck and bus, off-the-road and agricultural tires, as well as retread products and tubes in North America.

The new Bridgestone pricing will take effect March 1 and will vary by business unit and product line, the Nashville-based company said.

Yokohama Tire Corp. announced it will increase prices by up to 7% on all of its tires sold in the U.S., including consumer, commercial and off-the-road, effective April 1.

Yokohama Tire Corp. is the North American manufacturing and marketing arm of Tokyo, Japan-based The Yokohama Rubber Co.