Nexen increases prices

Nexen Tire has announced a price increase for summer and all-season tires under all its brands in the European market, including the UK and Turkey. The product cost will be adjusted on September 1, 2024.

 “Natural rubber and steel, which are crucial for ensuring the reliability of our products, have become significantly more expensive, and the increase in raw material procurement costs directly affects our production costs,” said Kim Dae Jun, Vice President of Sales and Marketing at Nexen Europe, adding that despite all efforts to minimize the impact of existing trends on consumers, the price adjustment has become a necessity.

In Nexen, they add that in recent months, transportation and logistics costs have also increased significantly, which is associated with an increase in energy prices, primarily fuel, as well as ongoing complexities in global supply chains, which intensify economic pressure on tire manufacturers.