Michelin tyres to get expensive by 8 percent from March 2021 onward
Joining the bandwagon of automobile manufacturers, who have either already increased the prices or are planning to do so, French tyre manufacturer Michelin has announced a hike in its tyre prices sold in the Africa, India and Middle East regions. The company confirms that the prices will be increased by 8 per cent across segments in all these regions. Justifying the decision to do so, Michelin states, "This price revision addresses the increase of raw material cost, natural rubber, in particular, global transportation cost and other market factors"
The increased prices will reflect from March 2021 onward, confirms the tyre manufacturer, which will be applicable to all Michelin Group brands. Headquartered in Clermont-Ferrand, France, Michelin is present in 170 countries, has more than 127,000 employees and operates 69 tire production facilities which together produced around 200 million tyres in 2019.
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