![Despite no investments, Pirelli sales rise in Russia](https://www.tyrepress.com/wp-content/uploads/2021/08/placeholder-sml.jpg)
Despite no investments, Pirelli sales rise in Russia
Departing a profitable market isn’t for everyone: Pirelli & C. reports that Russia accounted for “about 3.5 per cent” of its global revenues of 1,699.7 million euros in the first quarter of 2023, which means the tyre maker Q1 2023 revenues in Russia amounted to approximately 59.5 million. Not a colossal sum when compared with total sales, but nonetheless more than Pirelli made in that market in the first quarters of the two previous years.
Continue Reading![Continental debuts new ESC brake system](https://www.tyrepress.com/wp-content/uploads/2023/05/continental_pp_changan_pp_uni-t-sml.jpg)
Continental debuts new ESC brake system
Tyres are important when stopping a vehicle, and brakes are too. Continental has both areas covered and has announced a world first for the latter: The company has commenced series production of its new generation of brake systems for Electronic Stability Control (ESC), the MK 120 ESC. The first OEM partner to receive the system is Chinese car maker Changan ahead of supply to a “European car manufacturer” later this year.
Continue Reading![Golden Power: Pirelli plans to postpone Board nomination](https://www.tyrepress.com/wp-content/uploads/2023/05/Pirelli-F1-placeholder.jpg)
Golden Power: Pirelli plans to postpone Board nomination
The Board of Directors of Pirelli & C. SpA has received an update from shareholder China National Tire & Rubber Co., Ltd (CNRC) regarding the Golden Power Procedure that Italy’s government launched in response to the renewal of a Pirelli shareholder agreement signed in May 2022. This agreement is scheduled to take effect upon publication of the call for a shareholder meeting on 29 June 2023, however, CNRC informed the Board of Directors that the final provision of the Golden Power Procedure may be issued after the deadline for presenting lists for the next Board of Directors renewal.
Continue Reading![Doublestar breaks ground at Cambodia plant site](https://www.tyrepress.com/wp-content/uploads/2023/05/Doublestar-Cambodia-sml.jpg)
Doublestar breaks ground at Cambodia plant site
On 9 May, numerous regional and company dignitaries attended the groundbreaking ceremony for Doublestar Tire’s new factory in Cambodia. Doublestar (Cambodia), a joint venture with UBE Development Co. Ltd., aims to meet growing international demand for high-performance radial tyres. The 400,000 square metre plant will have capacities to produce 7 million PCR tyres and 1.5 million TBR tyres annually.
Continue Reading![Fleets invited to participate in Goodyear survey](https://www.tyrepress.com/wp-content/uploads/2023/05/Goodyear-sustainability-survey-sml.jpg)
Fleets invited to participate in Goodyear survey
Goodyear is gathering information for its annual Sustainable Reality Survey and invites European transport fleets to participate for the third consecutive year. Fleets interested in participating can do so until 21 July.
Continue Reading![Webfleet & RIO providing fleet solutions for MAN](https://www.tyrepress.com/wp-content/uploads/2023/05/press-release-rio-partnership3-sml.jpg)
Webfleet & RIO providing fleet solutions for MAN
Bridgestone Mobility Solutions is partnering with digital service provider RIO, a part of Traton SE and sister company to MAN, Scania, and Volkswagen Truck & Bus. The collaboration involves integrating Bridgestone’s Webfleet fleet management solution with MAN trucks using the existing RIO Box OEM hardware.
Continue Reading![Philipp Grosse Kleimann to head Mahle Group Aftermarket business unit](https://www.tyrepress.com/wp-content/uploads/2023/05/Philipp-Grosse-Kleimann.jpg)
Philipp Grosse Kleimann to head Mahle Group Aftermarket business unit
Philipp Grosse Kleimann is to be the new Head of the Aftermarket business unit and a Member of the Mahle Management Committee from 1 August 2023. In this function, he will report directly to the CEO, Arnd Franz. “Philipp has many years’ of management experience in the automotive and mobility sector, a profound knowledge of the service and workshop business and an entrepreneurial mindset,” comments Arnd Franz, Chairman of the Mahle Management Board and CEO.
Continue Reading![Stellantis joins Symbio JV](https://www.tyrepress.com/wp-content/uploads/2023/05/symbio-jv.jpg)
Stellantis joins Symbio JV
Negotiations between Faurecia, Michelin, and Stellantis have resulted in the signing of a binding agreement covering Stellantis’s acquisition of a 33.3% stake in zero-emission hydrogen mobility firm Symbio. Both Faurecia and Michelin now hold a 33.3% share in Symbio as well. The transaction is subject to customary regulatory approvals and is expected to close in the third quarter of 2023.
Continue Reading![Apollo Tyres: Full-year net profit up 73%](https://www.tyrepress.com/wp-content/uploads/2020/10/59_QWJzdHJhY3QgYmFja2dyb3VuZCB3aXRoIGVhcnRoLmpwZw-scaled-e1602237450291.jpg)
Apollo Tyres: Full-year net profit up 73%
Favourable fourth quarter and financial year 2022-23 financial results for Apollo Tyres, with revenue growth across all regions amounting to 12% in the fourth quarter and 17% for the full year. The Board of Directors thus recommend a dividend pay-out of Rs 4.00 per equity share and a special dividend of Rs 0.50 per equity share.
Continue Reading![Nexen Tire joins UNGC](https://www.tyrepress.com/wp-content/uploads/2023/05/nexen-tire-joins-un-global-compact-sml.jpg)
Nexen Tire joins UNGC
Nexen Tire has joined the United Nations Global Compact (UNGC), an international initiative for sustainable and responsible corporate management. By signing on to the UNGC, the Korean tyre maker commits to aligning its actions with ten sustainability principles and pledges to contribute to the UNGC’s Sustainable Development Goals.
Continue Reading![Lower Q1 2023 profits for Yokohama Rubber](https://www.tyrepress.com/wp-content/uploads/2021/08/placeholder-sml.jpg)
Lower Q1 2023 profits for Yokohama Rubber
Yokohama Rubber has released its business and financial results for the first quarter of fiscal year 2023, reporting a 4.4% decrease in profit compared to the same period last year, to 9.7 billion yen (£57.0 million). Operating profit declined by 2.4% to 13.2 billion yen, while business profit decreased by 4.8% to 13.0 billion yen. However, sales revenue saw a significant 10.1% increase, reaching 204.3 billion yen (£1.2 billion), the highest ever for Yokohama Rubber in the January-to-March quarter.
Continue Reading![Accelerating Goodyear? A bird’s-eye view of Elliott’s challenging investor letter](https://www.tyrepress.com/wp-content/uploads/2023/05/goodyear-hq-akron-exterior-sml.jpg)
Accelerating Goodyear? A bird’s-eye view of Elliott’s challenging investor letter
In its letter to the Goodyear Board, Elliott Investment Management L.P. requests engagement on Board Enhancement, monetising Goodyears retail platform, and forming an Operational Review Committee. At the receiving end of Elliott’s open letter are Goodyear CEO Rich Kramer and the current board of directors. The declaration that “we believe Elliott’s strength is in catalysing change” can be read as a promise to dissatisfied Goodyear shareholders and a threat to the leadership team.
Continue Reading![Hankook aiming to almost double EV tyre supplies to OEMs](https://www.tyrepress.com/wp-content/uploads/2023/05/Hankook-iON-sml.jpg)
Hankook aiming to almost double EV tyre supplies to OEMs
Hankook Tire anticipates that tyres for electric vehicles will account for around 20% of its original equipment passenger car and light truck tyre deliveries in 2023. This figure represents a notable increase over prior years: EV tyres accounted for 11% of OEM car and light truck shipments in 2022 and just 5% in 2021.
Continue Reading![Michelin: €2 million for lobbying in 2022](https://www.tyrepress.com/wp-content/uploads/2023/05/michelin-sign-logo-sml.jpg)
Michelin: €2 million for lobbying in 2022
Amongst the replies to questions asked prior to the company’s Annual General Meeting on 12 May 2023, Michelin reveals that it gave out up to around €2 million for lobbying activities worldwide in 2022. The company says its lobbying activities are “focused on five priority areas.”
Continue Reading![Production cut: Nokian Heavy Tyres reaches agreement](https://www.tyrepress.com/wp-content/uploads/2023/05/Nokian-Heavy-Tyres-sml.jpg)
Production cut: Nokian Heavy Tyres reaches agreement
Nokian Heavy Tyres Ltd. has completed negotiations regarding plans to lower production at its factory in Nokia, Finland. As the tyre maker previously announced, temporary layoffs will affect approximately 160 people.
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