Michelin To Hike Tyre Prices In India, Africa And Middle East
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Michelin today announced that it will be hiking tire prices in India, Africa & the Middle East region. The increase in price is effective from June 18 in India and July 1 for the Middle East region and is applicable to all Michelin Group brands. This is the second price hike this year by Michelin as the first one was made very recently in March 2021, where tire prices were hiked by 8 percent.
In a statement by the company, it said, that it will increase its tyre prices by up to 6 per cent on passenger car, light truck and motorcycle tyres as well as up to 8 per cent on both on- and off-road commercial tyre. The hike in price has been attributed to the increase of raw material cost, global transportation cost and prevailing market dynamics
Price changes may vary across specific products within each brand portfolio.
Questions & Answers
Q.Which specific tyre categories will be affected by Michelin's latest price increase?
Which specific tyre categories will be affected by Michelin's latest price increase?
The price hike will apply to passenger car, light truck, and motorcycle tyres, as well as on-road and off-road commercial tyres. The percentage increase varies by category, up to 6% for passenger and light vehicle tyres, and up to 8% for commercial tyres.
Q.When did Michelin last increase its tyre prices before this newly announced hike?
When did Michelin last increase its tyre prices before this newly announced hike?
Michelin implemented a previous price hike earlier this year in March 2021. That increase saw tyre prices go up by 8 percent across its product range, making this the second price adjustment for the company this year.
Q.What reasons has Michelin provided for implementing these new price increases?
What reasons has Michelin provided for implementing these new price increases?
Michelin has attributed the price adjustments to several factors impacting its operations. These include the rising cost of raw materials, increased global transportation expenses, and the current prevailing market dynamics shaping the industry.
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