Michelin to Increase Prices in Europe
Rising raw material costs have prompted Michelin to announce price increases for its passenger car, light commercial vehicle, truck and farm tyres in European markets. Car and light commercial tyre prices will rise by 3.5 per cent in most markets, however in the UK and CIS countries these increases will be 7 and 6 per cent respectively – this greater change, reports Michelin, is necessary to offset the negative impact of the local currencies compared to that of the euro.
Truck tyre prices will rise by 3.9 per cent in continental Europe and 8.7 per cent in the United Kingdom. For farm vehicle tyres, the increase will vary from 2 to 5 per cent, depending on the brand and range. In the UK, the price of farm vehicle tyres will go up between 6 and 9 per cent. All new prices will be implemented between March 15 and July 1, 2008, depending on the country and type of tyre.