Bridgestone – mixed H1 2024 results
Announcing its financial results for the first half of 2024 on 9 August, Bridgestone Corporation reports mixed performance across key financial metrics. Little joy was to be had in Europe, where adjusted operating profit was half that of a year earlier.
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ZC Rubber breaks ground on new factory in Mexico
On 6 August, ZC Rubber officially commenced construction on its third overseas manufacturing facility in Saltillo, Mexico. The Chinese tyre maker views this “significant milestone” as one that “marks a major step forward” in its global expansion strategy and commitment to meeting the growing demand in North and Latin America.
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Yokohama Rubber reports record first-half financial results
On 9 August, The Yokohama Rubber Co., Ltd. announced its financial performance for the first half of fiscal 2024, publishing results that necessitate an upward revision of full-year earnings projections. The company’s sales revenue for the period surged by 18.5% year-on-year to a record ¥525.3 billion (£2.81 billion). Business profit climbed 113.4% to ¥54.6 billion (£292.4 million), operating profit increased by 99.6% to ¥56.3 billion (£301.7 million) and profit attributable to owners of parent grew by 68.3% to ¥46.6 billion (£249.9 million).
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Hankook Tire becomes majority shareholder of Hanon Systems
Hankook Tire & Technology Co., Ltd is now majority shareholder in South Korean automotive parts manufacturer Hanon Systems Co., Ltd., following approval from regulatory bodies such as the European Commission. Hankook Tire holds a 50.53% stake in Hanon Systems.
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Hankook Tire reports strong Q2 2024 profit growth
During the second quarter of 2024, Hankook Tire & Technology (Hankook Tire) demonstrated robust financial performance, posting consolidated global sales of KRW 2,317.8 billion (£1.32 billion). Operating profit for Q2 2024 was KRW 420 billion (£239.4 million), an increase of 69.2 per cent compared to KRW 248.2 billion in the same period last year.
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Apollo Tyres reports 24% lower profit in Q1 2024/5
The Board of Directors of Apollo Tyres Ltd has approved the company’s unaudited results for the first quarter of the financial year 2024-25, reporting a consolidated revenue of Rs 63.35 billion (£590.70 million). Operating profit amounted to Rs 9.09 billion (£84.68 million), down 13.5% from a year earlier, while net profit decreased 23.9% year-on-year, to Rs 3.02 billion.
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Beissbarth showcasing innovative solutions at Automechanika Frankfurt
Beissbarth has shared its plans for this year’s Automechanika Frankfurt, which takes place from 10 to 14 September 2024. The company is introducing four key innovations: The Kommando premium tyre changer, VW Q.Lign wheel aligner, QB.4 brake tester, and advanced driver assistance systems software.
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Webfleet sets record for longest single-charge EV journey
Webfleet has achieved a new milestone by breaking the Guinness World Records title for the longest journey by an electric car on a single charge, covering 569.64 miles. The Bridgestone fleet management solution accomplished this EV benchmark in a Bridgestone-shod Ford Mustang Mach-E with sponsored drivers Kevin Booker and Sam Clarke, supported by co-pilot Richard Parker of Webfleet. Independently verified video footage, odometer readings, GPS data, and battery level information from Webfleet meticulously documented the record attempt.
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User Experience to remain a Continental Automotive business
As reported yesterday, Continental intends to spin-off its Automotive group sector by the end of 2025. With the company preparing to part ways with a sector that employs 100,000 people and generated sales of around €20.3 billion in the past fiscal year, Continental has decided to suspend the previously announced carve-out of the User Experience business area “for the foreseeable future.” This business area will therefore remain part of Automotive.
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Continental: Q2 2024 consolidated financial results
Continental AG has reported consolidated sales of €10.0 billion for Q2 2024, a 4.1% decrease year-on-year. Despite this decline in sales, adjusted EBIT rose by 40.6% to €704 million, leading to an adjusted EBIT margin of 7.0%, compared to 4.8% in Q2 2023.
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Falken manufacturer SRI reports strong H1 2024 results
Sumitomo Rubber Industries, Ltd. (SRI) has released its consolidated financial results for H1 2024. For the six months ended 30 June, SRI reported a sales revenue of ¥587,041 million (£3.18 billion), marking a 4.6% increase from the ¥561,161 million recorded in the same period of 2023. The company’s business profit surged by 147.6%, reaching ¥42,294 million (£229.21 million), while operating profit experienced a 149.6% increase to ¥41,951 million (£227.39 million).
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Deldo unveils new tyre brands
In June, Tyres & Accessories had the opportunity to catch up with Tom van Dyck, director of sales & organisation at Antwerp-based tyre distributor Deldo, at The Tire Cologne trade fair. Van Dyck showed us Deldo’s new exclusive and private tyre brands and spoke of current opportunities and challenges.
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Sale “out of necessity” – Further details of Yokohama’s purchase of Goodyear OTR
Following the news that Yokohama Rubber will buy Goodyear OTR eight months after Goodyear put the business unit up for sale as part of its “Forward” rationalisation scheme, further details of the transaction have emerged. In short, Yokohama opted for a far lower valuation calculation in the purchase of Goodyear OTR than it did when buying Trelleborg Wheel Systems a year or so ago; has specifically gained Goodyear OTR brand rights; and the Goodyear Luxembourg OTR tyre operation does not form part of the sale to Yokohama.
Continue Reading Two independent companies – Continental evaluating Automotive spin-off
After concluding a strategic review in response to “the increasingly dynamic markets in the automotive industry,” Continental is more closely examining the possibility of spinning off its Automotive group sector business. The Continental Executive Board has announced that the company will “conduct a further detailed evaluation” before deciding on the matter in the fourth quarter of 2024. If approved by shareholders, Continental intends to complete the spin-off by the end of 2025.
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Bridgestone investing ¥25 billion to upgrade OTR plant
Bridgestone Corporation today announced an investment of ¥25 billion (£136 million) to upgrade equipment at specific facilities within its Kitakyushu Plant in Japan, which employs approximately 575 people and produces tyres for mining and construction vehicles. The company aims to complete the upgrade by the end of 2027.
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