Hankook Delays US Price Increase citing "Supply Difficulties"

Hankook Tire America , which previously announced it would raise prices on all consumer and commercial tyres effective with shipments on 1 November, has postponed the increase until 1 December due to “our current supply difficulty,” reports Tire Review.

The tyre-maker originally announced on 30 September that it would increase prices by up to 6.5 per cent on its full line of passenger, light truck and medium-duty truck tyres, citing rising costs of energy, raw materials and transportation.

“Hankook Tire recognizes that product supply in the tire industry has been inadequate,” Senior Vice President Todd Hershberger wrote in a letter addressed to Hankook dealers. “I assure you our team is working diligently to address this situation as it relates to Hankook Tire in our short and long term planning, and we expect you to see the results of these efforts as we move forward in 2011.
 
“Additionally, in 2011 you will see a significant increase in Hankook Tire marketing efforts with targeted promotions and advertising that help increase your sales and generate Hankook Brand awareness,” he continued.