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Toyo, Sumitomo, Yokohama and Kumho increase tire prices

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Andy McMillin winning the Vegas to Reno 2016 in Toyo Tires. Toyo is one of three companies to announce tire price increases this past week. | © Toyo Tires

Yokohama, Sumitomo and Toyo are all adding their names to the list of manufacturers increasing the prices of tires this year.

From April 1, Yokohama Tire Corporation will increase prices by up to seven percent for all tires sold in the U.S., including commercial, OTR and consumer tires.

Toyo Tires U.S.A. Corporation will increase prices by seven percent on April 1 on Toyo-branded passenger tires, light truck and commercial tires.

Kumho Tire has announced a price increase effective April 1 for its passenger, light truck, and medium truck tires sold in the U.S. The increased percentage will be up to eight percent and will vary by product line.

Sumitomo Rubber North America will reportedly raise prices on their brands between five and eight percent, with Falken and Ohtsu brand passenger, light truck and medium-sized truck tires set to increase in price by five percent from March 1.

Tire manufacturers across the board are blaming the rising cost of raw materials, including rubber, for the increases.

Other brands to hike their prices include Michelin, Bridgestone, Goodyear, Cooper, Carlstar and Nexen.

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