WAYNE, NJ – Hankook Tire America Corp. will raise prices by up to seven percent on its full line of passenger, high performance, and light-truck tires on July 16. The amount of the increase will vary by product line and/or size. Hankook’s last price increase took affect on Apr. 1.

The price increases reflect rising costs in raw materials, (particularly petroleum products and natural rubber) changes in the China VAT regulations, as well as higher costs in transportation and general operating expenses. Earlier, Kumho Tire U.S.A. Inc. announced it would raise its passenger and light-truck tire prices up seven percent, depending on tire model, Aug. 1.

Originally posted on Fleet Financials