Tire manufacturers are accused of price collusion

Major tire manufacturers — Bridgestone, Continental, Goodyear, Michelin, Nokian and Pirelli — have asked an Ohio court to dismiss three class-action lawsuits that accuse them of conspiring to raise tire prices for individual and corporate customers.

The tire companies claim that the plaintiffs have provided no evidence that they colluded to set prices for passenger and commercial vehicle tires, as well as other types of vehicles.

Reuters reports that the lawsuits were filed on behalf of buyers, including automotive leaders, in a federal court in Akron, Ohio, in June of this year. Meanwhile, shortly before that, tire manufacturers were also accused of price-fixing in Europe, where their offices were searched and the European Commission launched an antitrust investigation.

In the US, the plaintiffs note that the secondary tire market in the country reached $57 billion last year, and the alleged conspiracy by manufacturers led to a 21.4% increase in average prices between 2021 and 2023.

The tire companies, in a joint statement, call the allegations "baseless" and say that the plaintiffs are "trying to create a conspiracy out of nothing" without any evidence. They also added that "the European Commission's investigations are not enough to draw conclusions about illegal conspiracies".

Photo: uscourts.gov.