Toyo to raise passenger car and light truck tyre prices in Japan

From 1 April Toyo Tire & Rubber Co. Ltd will increase the price of tyres for passenger cars and light trucks sold in the Japanese domestic replacement market by an average of 7 per cent. Despite the fact the price hike takes effect on April fool’s day, the increase is not joke and applies to both Toyo’s summer and winter tyres. In fact the cost of some size of light truck tyres will rise sooner, with their Japanese domestic market price increase scheduled to take effect on 1 March 2011.

Toyo explained the price increase as being the result of the soaring price of natural rubber as well as tyres’ petrochemical raw materials such as synthetic rubber and carbon black.

“The company has made effort to minimize raw material prices through product mix and cost rationalization. However, internal measures by the company cannot cover the escalating raw material costs,” company representatives said in a statement.

Toyo announced a 7 per cent increase in the cost of commercial vehicle tyres sold in the Japanese domestic market on 13 December.

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