April 26, 2024

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[THE INVESTOR] Kumho Tire is set to increase the price of its tires in the local market by up to 4 percent starting March 15, the firm said on Feb. 24.

The price of Kumho’s tires for passenger cars will rise by 3 percent, light trucks by 2 percent and truck buses by 2 to 4 percent, the firm said. 

Kumho Tire

According to Kumho Tire, the decision was due to the increased price of raw materials. The price of natural and synthetic rubber, respectively, rose by 156 percent and 91 percent on-year compared to last February.

Kumho Tire’s latest move follows a series of price hikes by global tire makers, including local market leader Hanook Tire’s increase of up to 4 percent announced last week. 

By Kim Bo-gyung/The Korea Herald (lisakim425@heraldcorp.com)