Nexen Tire America Announces Price Increase

Nexen Tire America has put an 8 per cent price hike on all of its South Korea-produced tyres, according to Tire Review. Additionally, Nexen reportedly said it is shifting moulds for its SB702 line from its plant in China to its home plant in South Korea. The move, in reaction to the new 35 per cent added tariff on China-produced passenger tyres, will also necessitate a price increase for that line, Nexen said, but the exact amount had not yet been determined. Nexen reportedly said the 8 per cent increase is due to increased raw material costs.