Apollo Tyres announced that the prices of its Vredestein brand consumer tires will increase by up to 6% starting Jan. 1.
The company said the price hike is in line with the rising raw material and logistics costs.
Currently, Vredestein consumer tires are produced in Europe from the company’s manufacturing facilities in the Netherlands and the recently inaugurated plant in Hungary.
This year, many major tire manufacturers have increased prices on their products. In November, Pirelli, Sentury Tire USA, Michelin and Continental announced price increases. Those companies were preceded by other that announced price increases on their products, mainly for North American markets, this year. Tire manufacturers cite rising raw materials costs as well as the rising cost of transportation as the reason for price increases.