Nexen Tire America, Inc. has announced it will be adjusting the pricing on all U.S. passenger and light truck tires sold in the U.S. starting Nov. 1.
The maximum increase will be 6% but will vary by SKU, the South Korean tiremaker said. Like other tire manufacturers, Nexen cited growing transportation and logistics costs as well as other rising business costs as the reason for the price increase.
Nexen is one of many tiremakers to increase its prices in the fourth quarter this year. Below, find a timeline of tire price increase announcements from manufacturers and how much they have hiked their prices this year.
- Sept. 24: Nexen Tire America to increase its prices by up to 6% by Nov. 1.
- Sept. 21: Alliance Tire Americas announces price increases up to 4% by Nov. 1.
- Sept. 12: Kumho Tire to increase prices by up to 6% by Oct. 1.
- Sept. 10: Bridgestone to raise prices on passenger and light truck tires by up to 3.5% by Oct. 1.
- Sept. 5: Cooper Tire & Rubber Company to hike prices by up to 4% across all of its brands by Oct. 1.
- Aug. 29: Firestone Ag will increase prices up to 4% for select agricultural tires sold in the U.S. and Canada by Oct. 1.
- Aug. 20: Goodyear Tire & Rubber Co. announced it will raise prices on select consumer tire lines by up to 3%, effective Sept. 1.
- April 16: Alliance Tire Americas announced it will hike prices by up to 6% by May 1.
- April 3: Falken Tires announced a price increase between 3-7% on certain products by May 1.
- March 28: The Carlstar Group announced it would increase prices up to 18% on all steel and aluminum wheels and steel components effective April 9.
- March 19: Camso announced it would raise prices 1-6% on its aftermarket products including tires due to the rising cost of raw materials.
Many manufacturers have cited the increased cost of raw materials – such as carbon black and butadiene – as a reason for raising their prices.