Michelin will increase the retail prices of its passenger car, motorcycle and light truck tyre range by 6 percent. The price of its on- and off-road commercial vehicle tyres will go up by 8 percent. The price hike in the Indian market will come in effect from June 18.
Increased input costs - raw material prices, global transportation costs and prevailing market dynamics - as the key triggers for the hike in tyre prices. The same extent of price hike will also be implemented in the Middle East region and Africa from July 1.
The company has also specified that price changes may vary across specific products within each brand portfolio.
In June 2020, the government imposed strict restrictions on tyre imports into the country. As a result, Michelin reworked its India strategy and has started focussing more on premium cars and tyre sizes. The company will now be catering to the 17-inch and above segment in the passenger car space particularly. It also has plans to introduce motorcycle radials in the Indian market.