CYPRESS, CA - Toyo Tire U.S.A. Corp. will increase prices on its commercial truck tires by up to 7 percent, effective Feb. 1, reported Modern Tire Dealer. The increases, which will include in-line adjustments, are necessary because of rising raw material costs, according to the company.
It will be the company's second price increase on Toyo truck tires within 30 days. Toyo increased prices up to 6 percent on its commercial tires on Jan. 1.
Toyo is the third company to announce truck tire increases effective Feb. 1. Michelin North America Inc. will raise domestic prices on its truck and retreaded truck tires up to 7 percent, while Continental Tire North America Inc. will raise medium truck tire prices up to 8 percent.
Last November, Toyo raised prices on its Extensa A/S, Open Country H/T and Open Country A/T consumer tire lines by up to 5 percent.