Tokyo ― Bridgestone Corp. is increasing prices of its winter tires for passenger cars and vans in Japan, the company announced 30 June.
The price hike will be on average 6% and will be effective 1 Sept.
The Japanese tire maker linked the price rise to an increase, since last year, in the cost of tire materials including natural rubber, synthetic rubber and other petrochemicals.
“Bridgestone has been working on absorbing impacts of rising tire material prices through productivity improvements, cost reductions, and other measures,” the Tokyo-based company stated.
However, the tire maker has found it difficult to absorb impacts “through the company's efforts alone.”