Michelin to hike tyre prices by up to 8% in India

French tyre major Michelin on Tuesday said it will increase prices by up to 8 per cent in India with effect from June 18.

The company will hike prices in the Africa, India and Middle East region by up to 6 per cent on passenger car tyres, light truck and motorcycle replacement tyres as well as up to 8 per cent on both on-and off-road commercial vehicle tyres due to rise in raw material cost, global transportation cost and prevailing market dynamics, the tyre maker said in a statement.

This increase in prices is effective June 18 for India and July 1 for the Middle East region and is applicable to all Michelin group brands, it added.

Price changes may vary across specific products within each brand portfolio, Michelin said.

Details will be presented to dealers, fleets, end-users and commercial equipment manufacturers by June first week, it added.

Michelin caters to passenger cars, trucks, buses, two-wheelers and off the road vehicles in India. The company has a 290-acre plant in Tamil Nadu where it produces radial truck/bus tyres.

Headquartered in Clermont-Ferrand, France, Michelin is present in 170 countries and has 1,23,600 employees.

It operates 71 tyre production facilities which together produced around 170 million tyres in 2020.