It plans a hike of 2.5% in the passenger car segment as well. The highest hike, however, will be in the SUV segment — up to 4%.
The company announced that the price revision “addresses an increase in the cost of raw materials, such as natural rubber, and other market factors,” and will be effective September 2019. It will be applicable to all Michelin Group brands.
After two years of staying soft, natural rubber prices are moving northwards again, by 23% in CY 2019.