Starting to see a trend here? Just about every major tire manufacturer has announced a price increase, and Toyo is now no exception.
Effective starting this month, Toyo will institute an 8% price increase on their wholesale tires including passenger, light truck, commercial truck, and OTR tires. That 8% is an average number, with certain Toyo lines being increased slightly more or less.
Of course, Toyo has cited the same reasons behind the adjustment as every other manufacturer:
“This price increase is due to the continued rise in raw material costs,” says John Hagan, senior director, sales operations for Toyo Tire U.S.A. “As always, Toyo Tires makes every effort to minimize these increases while still delivering a premium product. We appreciate the continued support and understanding of our loyal dealers and consumers.”
Simple, to the point, and nothing new.
So far Hankook, Cooper, Continental, Federal, Yokohama, Kumho, Goodyear, Falken, Bridgestone, and Michelin have announced price increases on commercial tires. It’s a little too late for wholesale tire distributors and retailers to stock up at this point, but it’s important to stay on top of industry news to maximize inventory levels before these sorts of increases. Stay tuned for the latest.