Toyo Tire Hikes Prices Up to 5%
CYPRESS, CA – Toyo Tire (U.S.A.) Corp. will raise its passenger, light truck, and medium truck tire prices up to 5 percent, effective Oct. 1, with in-line adjustments, according to Modern Tire Dealer magazine. Also on Oct. 1, Toyo hiked its OTR tire prices up to 7 percent. "Due to the rapidly increasing costs of raw materials, energy, and transportation worldwide, Toyo has to adjust our pricing accordingly," says Steve Weinger, Toyo's senior vice president of sales and marketing. Earlier this week, Nexen Tire America Inc. announced it will raise its passenger and light truck tire prices up to 6 percent, effective Nov. 1. "The main reasons for the increase include continuing price hikes on raw materials, higher transportation costs, and rising operating expenses," said Nexen officials.