Michelin to hike tyre prices in India by 8% from March

French tyre major Michelin on Tuesday said it will increase tyre prices in India by 8 per cent from next month in order to offset the impact of rise in input costs.

Michelin in the Africa India and Middle East region will increase its tyre prices by up to 8 per cent across all segments, the company said in a statement.

The price revision addresses the increase of raw material cost, natural rubber in particular, global transportation cost and other market factors, it added.

"This increase is effective March 2021 and is applicable to all Michelin group brands," the tyre maker said.

Michelin caters to all major segments, including passenger vehicles, two wheelers and commercial vehicles, in the country.

Headquartered in Clermont-Ferrand, France, Michelin is present in 170 countries, has more than 1,27,000 employees and operates 69 tyre production facilities which together produced around 200 million tyres in 2019.