Akron, Ohio – Goodyear intends to raise prices on "select consumer tire lines" in the US, with most to go up by 3%, the company has announced.
The increase, which takes effect 1 Sept and covers all Goodyear brands, is "in response to rising costs,” said a Goodyear statement.
In its most recent financial report, Goodyear cited higher-than-expected increases in raw materials costs, unfavourable foreign currency swings and softening market conditions in China for lowering its second-half and fiscal 2018 earnings outlook by roughly 20%.
The Akron-based tire maker last increased prices on 1 May, 2017, when it raised prices in the US and Canada by approximately 6%. That was in addition to a price increase Goodyear initiated on 1 Feb, last year.
Other tire makers that have raised prices this year include: Superior Tire & Rubber Corp. (6% to 12%); Alliance Tire Americas Inc. (up to 6%); Yokohama (OTR prices, only, as much as 6%); and Trelleborg Wheel Systems SpA (ag, industrial tires, up to 10% in North America).