Higher steel and materials prices have forced two Japanese truck and bus manufacturers to announce plans to increase prices.
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Kyodo reported that Harald Boelstler, president of Mitsubishi Fuso Truck & Bus Corp., said the company will raise prices on all truck and bus models as early as August in the Japanese market.
Hino Motors Ltd. said the same day it will raise prices within a range from 1.9 to 3.0 percent, effective Tuesday.
Steel product prices are expected to keep rising, Boelstler said at a press conference in the town of Otofuke, Hokkaido.
In addition to price hikes, Mitsubishi Fuso will have to consider workforce reductions in Japan where truck sales have stayed sluggish, he said.
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By GlobalDataTwo other truck makers, Isuzu Motors Ltd. and Nissan Diesel Motor Co., are expected to follow suit, the report added.
