TOKYO (Kyodo) -- Bridgestone Corp. said Wednesday it will raise the price of its passenger car tires by an average of 8 percent from June 1, against the backdrop of surging material costs and growing demand in China and India.
The world's leading tire maker will be making price increases at a higher average rate than Yokohama Rubber Co. and Toyo Tire & Rubber Co., as both major manufacturers earlier announced they will raise the prices by an average 7 percent from April 1.
Major Japanese tire makers have said they have to raise prices due to rising costs of natural rubber and other raw materials. Natural rubber costs have risen to record high levels as major producer Thailand has been hit by prolonged poor weather conditions.
After announcing increases in the prices of truck and bus tires late last year, the tire makers have apparently determined that they cannot avoid doing the same for passenger car tires -- their core products.
It will be the first time Bridgestone has raised the prices of its passenger car tires since September 2008.
The company said it will also raise the prices of tires for small trucks and motorcycles by 8 percent, those for construction and mining vehicles by 15 percent, and those for industrial vehicles and farming machines by 10 percent.