Tire Companies Accused of Raising Replacement Tire Prices for Consumers
Shub & Johns launches investigation into major tire companies like Goodyear, Michelin, Bridgestone, and others that become the subject of the European Union’s (“EU”) investigation following allegations that the world’s biggest tire companies conspired to increase the price on tires for passenger vehicles.
With the EU announcing investigations into tire manufacturers as a result of allegedly violating antitrust laws, consumers become concerned that they have become victim to the tire monopolies’ deceptive ploys. The cost of tire replacements seemingly increased as a result of the COVID-19 pandemic. For example, since 2021 the price for Michelin tires has increased by 14%. It is believed that due to the reduced need for tires caused by decrease in domestic travel affected the tire market drastically. It is therefore a likely possibility that the tire companies passed on extra cost to the consumers in order to remain profitable.
Raising prices to remain profitable is not uncommon, especially in recent years. It is illegal, however, for major companies, such as Michelin, Goodyear, Bridgestone, and other huge tire competitors, to secretly collude and decide to increase all their tire prices in order to all gain profit. And though these companies reportedly fixed their prices upon the announcement of investigation from the EU, this may only strengthen the allegations that these companies violated antitrust laws.
Consumers should not be burdened with the additional costs of manufacturing while getting seemingly the same product they would have gotten had the prices not previously been inflated. Have you purchased tires between 2021 and 2024? Curious if you have been impacted by these alleged antitrust violations? Let us know! Complete the attached form and join the Shub & Johns investigation today.
