Continental Group announced plans recently that from January 1, 2011, the price of summer replacement tires for all car brands in mainland China will increase by 5%.
The mainland said that the increase in tire prices was due to the substantial increase in the prices of major types of natural rubber. The price of natural rubber has exceeded 3 US dollars per kilogram, setting a record high price.
Hartmut Wöhler, director of automotive tire marketing at Continental, said: “Increase tire prices to offset the cost of raw material price increases in 2010. We set the price start date on January 1, 2011 so that we can concentrate on developing the winter tire business. â€
According to the mainland, 40% of a tire consists of natural rubber, which is the most important raw material for tire production. Currently, the mainland is trying to find a material that can replace natural rubber without changing the characteristics of the tire.
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