Price Hike Announced by Michelin and Bridgestone

The rise in the prices of raw material and logistics costs leads to increased tire prices by some top makers like Michelin and Bridgestone. The prices were increased from 1st October. On truck tires, it is expected that the levitation takes place up to 6%. Similarly, other tire brands are also expecting to raise their prices substantially. 

Both the companies are known to be venerable tire manufacturers across North America. 

Although, Dubai will be the first Emirate to enjoy this facility, however; soon this coverage will be available for all cars across the United Arab Emirates. This is will effectively unify vehicle information service across the sovereign state.  

They declared that the rise will vary depending upon the size and type of the products. The raw material includes synthetic rubber, carbon black, and oil and many chemicals used in the construction of the heavy-duty tires. The materials used in the construction hugely depends on the quality of tires. The construction also depends on the geographical locations, the situation of roads and the vehicles on these roads. As the utilization of the automobile industry has grown across the globe, the demand for machinery and equipment also uprose, so as the prices.  

Increase in prices of Bridgestone Dueler H/L D33 and Michelin latitude sports tires that are engineered with innovation specially for racing cars, and many formula 1 racing cars have seen to be equipped with these tires in their latest events, also get slammed by the abrupt change in prices.  

Thailand, Indonesia, and Malaysia are the enormous growers of the rubber trees and are also the biggest exporters as well.  

Michelin industries announced that they will increase the prices go up to 8% for its passenger, heavy-truck, earthmover, industrial-handling, agriculture and two-wheel segments across America, Canada, and Mexico.  

However, passenger and light truck owners will also a price levitation from Cooper tires as much as 4 % on their products. The reasons appear to be the same as the price surge of other tire products from other brands. 

President of Sumitomo Rubber North America Inc. said: “It’s hurting us and everyone about the same way,”. 

Increase in tariff also has a huge role in increased tire prices. Offshore chemical production industries are also affected by the price fluctuation to various degrees.  

The year 2018 is ending with a bashing surprise of tires price hike and people are waiting to replace their tires until the last minutes.