![Yokohama Q1: Tires division enters loss, ATG remains profitable](https://www.tyrepress.com/wp-content/uploads/2020/05/Yoko-Q120_1.jpg)
Yokohama Q1: Tires division enters loss, ATG remains profitable
The Yokohama Rubber Co. Ltd. posted a 258 million yen loss during the first quarter of 2020 compared with 9.1 billion yen in profit in the same period of the previous year. Meanwhile operating profit fell 90.4 per cent, to 1.2 billion yen. Sales revenue declined 13.6 per cent to 129.1 billion yen.
Continue Reading![AMTE Power and Britishvolt move towards UK’s first Gigafactory battery manufacturing factory](https://www.tyrepress.com/wp-content/uploads/2019/03/1280px-Teslas_Gigafactory_on_2017-08-08_by_Planet_Labs.jpg)
AMTE Power and Britishvolt move towards UK’s first Gigafactory battery manufacturing factory
Roughly a year after reports suggested the UK could become home to a gigafactory, AMTE Power and Britishvolt announced plans to investigate collaborating to build the UK’s first full cycle battery cell GigaPlant, servicing the automotive and energy storage markets. Both parties have signed a memorandum of understanding (MoU) focussed on each other`s complementary ambitions to create and expand an onshore manufacturing supply chain. The successful outcome of the collaboration would enable scalable production of a diverse product portfolio of lithium ion batteries to support the country’s Road to Zero targets and unprecedented transition to electrification.
Continue Reading![Apollo Tyres’ full-year earnings fall to 4.76 billion rupees](https://www.tyrepress.com/wp-content/uploads/2020/03/Apollo-Onkar-Kanwar.jpg)
Apollo Tyres’ full-year earnings fall to 4.76 billion rupees
Apollo Tyres, the India-based tyre manufacturer that owns the Vredestein brand, has reported fourth-quarter 2019 financial results that show sales and earnings fell significantly.
Continue Reading![24 challenges in 24 hours for Falken](https://www.tyrepress.com/wp-content/uploads/2020/05/20825-fahrer-keyvisual.jpg)
24 challenges in 24 hours for Falken
The ADAC TOTAL 24h of the Nürburgring has been rescheduled for September, leaving a cloud-shaped hole in Falken Motorport’s schedule. The tyre brand’s team is followed by an enthusiastic fan base, though, and Falken has found a way to engage them without the totemic event of its motorsport season.
Continue Reading![Conti ‘intensively’ monitoring European tyre demand and production, but R&D budgets intact](https://www.tyrepress.com/wp-content/uploads/2020/05/Pandemic-safe-Production-scaled.jpg)
Conti ‘intensively’ monitoring European tyre demand and production, but R&D budgets intact
Following Continental’s first quarter 2020 financial results and reports that the company is preparing to cut its R&D budgets and European tyre production, Tyres & Accessories asked executives at the company’s Hanover, Germany headquarters to comment on the proposals. According to the tyre manufacturer, Continental is “intensively” monitoring European tyre demand and production “including a review of our tyre manufacturing footprint if we conclude that volumes will not recover to expected volumes”. Furthermore, there may have been reductions in tyre testing frequency as an inevitable result of social distancing, but overall research and development budgets remain intact.
Continue Reading![New UK Global Tariff sees tyre duty reduced from 4.5% to 4.0%](https://www.tyrepress.com/wp-content/uploads/2020/04/blue-white-orange-and-brown-container-van-163726-scaled.jpg)
New UK Global Tariff sees tyre duty reduced from 4.5% to 4.0%
The UK Department for International Trade has announced a new UK Global Tariff (UKGT). Announced on 19 May 2020, this replaces the EU’s Common External Tariff on 1 January 2021 at the end of the Brexit Transition Period. As it pertains to the tyre business, while there are various categories, the announcement basically means the new UKGT sees tyre duty reduced from 4.5% to 4.0%. Camel back rubber for use in retreading stays at 0%, while duties cushion industrial tyres are reduced to 2.0% from 2.5%.
Continue ReadingGoodyear announces US$600 million refinancing
The Goodyear Tire & Rubber Company refinancing itself with $600 million of 5-year senior notes. According to the company, the notes will be senior unsecured obligations of the company. Goodyear intends to use the net proceeds for “general corporate purposes...
Continue Reading![Kumho, Fiege Logistics open major tyre warehouse in Hamburg](https://www.tyrepress.com/wp-content/uploads/2020/05/fiege-kumho-scaled.jpg)
Kumho, Fiege Logistics open major tyre warehouse in Hamburg
Kumho is opening a major new tyre warehouse in Hamburg, Germany with leading European logistics company Fiege. Located adjacent to the city’s harbour, Kumho states the new facility will allow it to supply stock to the majority of German tyre dealers within 24 hours. It will also supply some Kumho distributors in Netherlands, Belgium, Luxembourg and Austria. Fiege Logistics will be responsible for all warehouse processes, including tyre handling from the arrival of product by container to delivery and shipment tracking.
Continue ReadingAuto industry faces sharper downturn than 2007/8 financial crisis – GlobalData
Even as automotive manufacturers tentatively restart production lines after the COVID-19 crisis disruptions, the global automotive industry faces a hit to the market that will be greater than in the 2007/8 financial crisis, says GlobalData, a leading data and analytics company.
Continue ReadingSmithers upgrades Akron lab
Smithers, which provides testing and consultancy services, has upgraded its low temperature retraction instrumentation and capabilities at its rubber physical testing laboratory in Akron, Ohio. According to the company, the new instrument offers improved temperature control for low temperature retraction and the instrument is said to be significantly more efficient, which will improve turnaround times for customers.
Continue Reading![Toyo Tire net sales down 9.8% in Q1](https://www.tyrepress.com/wp-content/uploads/2020/05/Toyo-financials.png)
Toyo Tire net sales down 9.8% in Q1
In the first quarter of 2020 Toyo Tire Corporation reported net sales of 82,094 million yen a decrease of 8,049 million yen (-9.8 per cent) compared with the first quarter of 2019. Its operating income for the quarter was 6,936 million compared to 10,174 million yen (-31.87%) in the first quarter of 2019.
Continue Reading![Vipal Machinery aims to expand internationally](https://www.tyrepress.com/wp-content/uploads/2020/05/Vot-Heavy-Duty-1-scaled.jpg)
Vipal Machinery aims to expand internationally
Vipal’s tyre retreading equipment development has sold 56 machines since the start of its operations in 2016. According to the company, these were sent to countries in North America, South America and Oceania. Now, the plan is planning to expand internationally.
Continue ReadingUSW files anti-dumping petitions against Korea-, Taiwan-, Thailand- and Vietnam-made tyres
In the USA the United Steelworkers (USW) union has filed antidumping (AD) and countervailing duty (CVD) petitions on dumped and subsidized passenger vehicle and light truck (PVLT) tyres with the Department of Commerce and the International Trade Commission
Continue ReadingPirelli reports 20% 1Q sales decline
Pirelli & C. S.p.A reported revenues of 1,051.6 million euros in the first quarter of Q1 2020 ended 31 March 2020. This represents a decline of 20 per cent compared to the same period in 2019.
Continue Reading![Equipe Auto considers ‘change in positioning’](https://www.tyrepress.com/wp-content/uploads/2020/05/Equip-Auto-Logo_tb.jpg)
Equipe Auto considers ‘change in positioning’
With coronavirus having hit mass-gatherings most of all, trade shows and exhibitions have felt negative pressure more than most segments. Following a run of cancellations and postponements the organisers of the Paris motor show, Equipe Auto, are hinting that they are considering a “change in positioning”. Details, however, were elusive. The next Equipe Auto is schedule for 12-16 October 2021.
Continue Reading