Michelin has announced that it will be increasing its tyre prices soon. The company has revealed through a press release that its tyres will get costlier by up to 6 percent when it comes to passenger car, light truck, and motorcycle replacement tyres. Similarly, talking of on and off-road commercial tyres, these will see a price hike by up to 8 percent. Michelin said that the price hike for its tyres will take place in Africa, India, and the Middle East region. Speaking of why the brand has decided to implement an upward price revision, Michelin says that it is due to an increase in raw material cost, global transportation cost, and also, the prevailing market dynamics. The aforementioned price hike will take place in India starting 18th June.
On the other hand, this price increase will be effective starting 1st July for the Middle East region and is applicable to all Michelin Group brands. The company says that the price changes may vary across specific products within each brand portfolio. Michelin adds that the details will be presented to dealers, fleets, end-users, and commercial equipment manufacturers by the first week of June 2021. That said, if you have been planning to buy Michelin replacement tyres for your car or bike, now is the best time to do so in order to avoid the said price increase.
Michelin is headquartered in Clermont-Ferrand, France with a presence in 170 countries. The company has 1,23,600 employees and operates a total of 71 tyre production facilities that cumulatively produced around 170 million tyres in the year 2020. Stay tuned with Express Drives for more updates and also, subscribe to our official YouTube channel for the latest auto news and reviews.
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