Kumho Tire announced it will increase its prices by Oct. 1 for its passenger, light truck and medium truck tires sold in the U.S.
The company said prices will increase up to 6% and will vary by SKU.
“The price adjustment reflects economic factors such as increased raw material costs,” Kumho said in a statement. “Kumho Tire prides themselves on making best-in-class products at competitive prices, with superior quality and innovative technology. The company is fully committed to its continuous development of products and maintenance on exceptional services even with the increased cost of production. Kumho Tire is confident that the price increase will ultimately benefit the customer experience.”
Kumho is the latest tiremaker to announce a price increase with many citing the increased cost of raw materials as a reason for the price hike. This week, Bridgestone announced it would increase its prices on passenger and light truck tires across its brands by 3.5%. Earlier this month, Cooper Tire, Firestone Ag and Goodyear announced price increases.
This story will be updated.
