![Shipping woes to continue well into 2022](https://www.tyrepress.com/wp-content/uploads/2021/10/pexels-pixabay-262353-scaled.jpg)
Shipping woes to continue well into 2022
Extraordinary market conditions in sea freight are now expected to persist well into 2022, according to analysts. Meanwhile, long-haul air freight belly capacity is only expected to gradually return between 2022 and 2024. Of course, freight forwarders/shipping firms are the biggest winners in this scenario, with the same analysis produced by Jefferies further raising pre-tax profit (EBIT) estimates by 18 per cent on average in the sector for the 2021 full year and by 14 per cent in 2022.
Continue Reading![NDI expanding rim plant to meet growing global demand](https://www.tyrepress.com/wp-content/uploads/2021/10/NDI-paint-sml.jpg)
NDI expanding rim plant to meet growing global demand
In response to increased global demand from the farming sector for customised rim solutions, NDI Group is increasing capacity at its rim factory in Brørup, Denmark. It is doing so through an expansion of its production facility, and describes the work carried out as a “first step”. NDI anticipates completing the expansion in early 2022.
Continue Reading![Deforestation-free rubber: Pirelli, BMW working with BirdLife International](https://www.tyrepress.com/wp-content/uploads/2021/10/Pirelli-project-sml.jpg)
Deforestation-free rubber: Pirelli, BMW working with BirdLife International
Pirelli’s latest efforts are quite literally for the birds – and this is by no means a bad thing. Together with the BMW Group, Pirelli is joining with BirdLife International in a three-year project that aims to favour the long-term production of sustainable and deforestation-free natural rubber in Indonesia. Our feathered friends are just one of a whole range of potential beneficiaries.
Continue Reading![Mobiltech: 1st investment for Hankook fund](https://www.tyrepress.com/wp-content/uploads/2021/08/placeholder-sml.jpg)
Mobiltech: 1st investment for Hankook fund
In May we shared that Hankook & Company Co., Ltd., the holding company of Hankook Tire & Technology Co., Ltd., had established a fund the previous month to facilitate the securing of a new growth engine. The company reports that this business portfolio, named S.T.R.E.A.M., has made its first investment. It has invested in Mobiltech, an artificial intelligence-based spatial information and service start-up, and is now contemplating potential joint projects with Hankook Tire.
Continue Reading![Ceat: Higher input costs squeezing margins](https://www.tyrepress.com/wp-content/uploads/2021/08/placeholder-sml.jpg)
Ceat: Higher input costs squeezing margins
Tyre maker Ceat Limited, the flagship subsidiary of India’s RPG Group, reports that its net revenue increased 23.9 per cent year-on-year in the second quarter of its financial year, the three months to 30 September 2021, to Rs 24.52 billion (£237.51 million). Despite growing revenues, EBITDA shrank from Rs 3.06 billion to 2.25 billion (£21.79 million), and the margin contracted 6.3 percentage points to 9.2 per cent. Net profit stood at Rs 420 million (£4.07 million).
Continue Reading![HiQ joins TikTok](https://www.tyrepress.com/wp-content/uploads/2021/10/HiQ-TikTok.jpg)
HiQ joins TikTok
Goodyear’s HiQ Tyres & Autocare franchise network has beefed up its social media presence by debuting on the increasingly popular TikTok platform. It is utilising the app to publish “relevant and relatable content” and shares that the HiQ account has reached a high number of views, followers and likes within a short period of time – “which we hope has increased general awareness of our brand.”
Continue Reading![Unprecedented situation: Associations call for EU engagement in Chinese magnesium shortage](https://www.tyrepress.com/wp-content/uploads/2021/10/magnesium-firms.jpg)
Unprecedented situation: Associations call for EU engagement in Chinese magnesium shortage
A number of European industry associations, including vehicle manufacturers’ association the ACEA and wheel manufacturers’ association EUWA, have issued an “urgent call for action against the imminent risk of Europe-wide production shutdowns as a consequence of a critical shortage in the supply of magnesium from China.”
Continue Reading![Michelin: YTD sales up 15.6% to €17.2 billion](https://www.tyrepress.com/wp-content/uploads/2021/10/miich-q3-2021-sales.jpg)
Michelin: YTD sales up 15.6% to €17.2 billion
Year-on-year comparisons of financial performance tell us arguably more about global events than an individual company’s economic trajectory at the moment. Thus, it came as no surprise a few months back when Michelin reported much healthier first-half results compared with pandemic-riddled 2020. Similarly, eyebrows aren’t raised now when the company notes the impact of rising materials, shipping and energy costs as well as a shortage of semiconductors and labour shortages upon its performance in Q3 2021.
Continue Reading![Trelleborg Wheel Systems raising prices](https://www.tyrepress.com/wp-content/uploads/2021/10/Trelleborg-sml.jpg)
Trelleborg Wheel Systems raising prices
Trelleborg Wheel Systems has announced price increases up to five per cent on all brands and segments. The increase will take effect in November and the company stresses that this is the last price rise for the current year. The tyre maker says it is adjusting prices in light of “continuous increases along the entire value chain in all markets.”
Continue Reading![IMI launches 2022 Awards](https://www.tyrepress.com/wp-content/uploads/2021/10/IMI-Awards-Dinner-2022-e1635164138128.jpg)
IMI launches 2022 Awards
The Institute of the Motor Industry (IMI) has launched its 2022 Awards. The IMI is calling for nominations for individuals and organisations that have excelled in meeting the last two years’ challenges. The Patron’s Award meanwhile aims to put the spotlight on an individual or organisation that has gone above and beyond in the last two years to support their local community. “There is no question that the events of 2020 and 2021 have challenged everyone involved in automotive”, explained Steve Nash, CEO of the IMI. Nominations can be made via this link.
Continue Reading![5th consecutive Women’s Motocross World Championship won on Dunlop tyres](https://www.tyrepress.com/wp-content/uploads/2021/10/wmwc-action.png)
5th consecutive Women’s Motocross World Championship won on Dunlop tyres
The fifth consecutive FIM Women’s Motocross World Championship (WMX) title was won on Dunlop tyres on Saturday, 23 October. New Zealander Courtney Duncan was crowned champion for the third time in as many years. Eddy Seel, event leader MXGP, Dunlop, said he is “proud of Dunlop’s track record in this increasingly competitive championship.”
Continue Reading![Continental revises 2021 outlook](https://www.tyrepress.com/wp-content/uploads/2021/06/generic01.jpg)
Continental revises 2021 outlook
In light of a range of factors such as ongoing semiconductor supply issues and supply chain uncertainties, Continental has adjusted its outlook for the 2021 fiscal year. Assuming exchange rates in Q4 2021 don’t materially differ to those on 30 September 2021, Continental expects consolidated sales of approximately €32.5 billion to €33.5 billion (as opposed to the projected figure of €33.5 billion to €34.5 billion announced on 5 August) and an adjusted EBIT margin in the range of approximately 5.2 to 5.6 per cent (previously 6.5 to 7.0%).
Continue Reading![Chinese government power rationing halves tyre production of some local tyremakers](https://www.tyrepress.com/wp-content/uploads/2021/10/pexels-pixabay-221012.jpg)
Chinese government power rationing halves tyre production of some local tyremakers
As if the Covid-related troubles combined with complex shipping challenges and rising raw material costs weren’t enough, Chinese government policy is now adding to the pressure on tyre manufacturers making tyres for export from the People’s Republic. Specifically, the Chinese central government environmental policy has led to power rationing across the country since mid-September, which has had a marked impact on manufacturing business including the tyre industry. Indeed, more than 20 tyre manufacturers have experienced power-rationing-related temporary shutdowns and/or have implemented price increases because of these product headwinds. And these are having a marked impact on tyre production.
Continue Reading![Maxam Tire to acquire Latin America joint venture](https://www.tyrepress.com/wp-content/uploads/2021/08/placeholder-sml.jpg)
Maxam Tire to acquire Latin America joint venture
Maxam Tire Latin America (LATAM) will acquire and control the full equity interest in the LATAM Joint Venture (JV) on 31 October 2021. The 2015 JV was previously in place with Gustavo Lima and Marco Zigni and structured to expand the Maxam brand in the region via strategic partnership.
Continue Reading![Pirelli finishes 18-inch F1 tyre development programme](https://www.tyrepress.com/wp-content/uploads/2021/10/visual-18inch-en-e1634816337697.jpg)
Pirelli finishes 18-inch F1 tyre development programme
Monday’s tyre test at France’s Paul Ricard circuit heralded the conclusion of Pirelli’s initial development programme for 18-inch Formula 1 tyres. Alpine’s Daniil Kvyat was in the seat for the wet test, finishing a programme disrupted by the Covid-19 pandemic. The flagship global motorsport series will switch to the new low-profile tyres in 2022, shifting away from the 13-inch tyres currently used. Pirelli calls this move a technical revolution and has devoted an intense period of research and development to the change, with indoor and outdoor testing. The manufacturer will now tweak the tyre based on 2022-specification car testing.
Continue Reading