Milan, Italy – Italian tire manufacturer Pirelli has joined Goodyear, Michelin, and Continental in raising tire prices in recent weeks as the cost of raw materials, natural rubber in particular, soars.
The Milan-based company said prices will increase in all European and North American markets for passenger car, light truck and ‘moto’ tires. The move covers all product ranges – including summer, all-season and winter tires - and brands.
The increases, which will be of up to 9%, will take effect 1 April, according to the company announcement issued 9 Feb.
The price hikes, said Pirelli, are “a consequence of the higher price of key raw materials and growing investment in the development of new products with an elevated level of technological content.”