Nexen Tire Europe raising prices by up to 6.6%
Nexen Tire Europe has announced plans to raise tyre prices across the board. According to the company, the price hike is due to rising raw material costs “as well as freight and logistics costs”.
The price increase relates to all of Nexen’s group brands in the replacement market and across all segments and includes
summer, winter and all-season tyre product lines.
As well as the European Union nations, Nexen Tire Europe’s price increase the UK and Russian tyre markets.
Tyre prices will be increased linearly up to 6.6 per cent as of 1 February 2021.
“The increased raw material costs and the sharp rise in logistics costs are forcing the tyre industry to raise its prices,” John Bosco
Kim, president of Nexen Tire Europe s.r.o. explained, adding: “Through continuous increases in efficiency, Nexen Tire continues to
strive worldwide to minimize the effects of rising costs on the prices of its tyres and to keep offering its customers the best price/performance ratio on the market in future”.