BEV demand may stall next year – Bloomberg Intelligence
Legacy brands have started to pull back on battery-electric vehicle (BEV) ambitions, and Bloomberg Intelligence’s (BI’s) new car buyers poll suggests demand will stall in Europe with consumers wary due to high BEV prices, range anxiety and a lack of charging points. A scaling back should support 2024 margins as lucrative ICE (internal combustion engine) profit faces less dilution from BEVs, while margins are likely to retreat at pureplays such as Tesla.
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Goodyear to end tyre manufacturing in Fulda and Fürstenwalde
Following the publication of the company’s Goodyear Forward global cost reduction and business transformation strategy, Goodyear EMEA is proposing the closure of its Fulda and Fürstenwalde car tyre factories in Germany. The plans specifically involve the closure of the Fulda plant by the end of the third quarter of 2025 and “a gradual phase-out of all tyre manufacturing activities in Fürstenwalde by the end of 2027”. However, the mixing department in Fürstenwalde will continue its operations, “supplying compounds to tyre plants across Europe”.
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Goodyear values Dunlop at ~$0.7 billion
Following the news that Goodyear is planning to raise around $2 billion from the sale of Dunlop as well as its OTR tyre and chemicals businesses, the company revealed further details during a follow-up conference call. The financially biggest part of the recently-unveiled Goodyear Forward business transformation plan is the proposed sale of Dunlop, plus the OTR tyre and chemicals businesses. Goodyear estimates that these areas are worth around $0.7 billion, $0.7 billion and $1 billion in annual sales respectively.
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Goodyear “pursuing strategic options” to Dunlop, OTR tyres and Chemical business in $2 billion “portfolio optimisation”
The Goodyear Tire & Rubber Company is unveiling its “Goodyear Forward” transformation plan, which – precipitated by the now infamous Elliott letter – is designed to – “optimize its portfolio, deliver significant margin expansion and reduce leverage to drive sustainable and substantial shareholder value creation”. First off, that means generating “gross proceeds in excess of $2 billion” from pursuing a “strategic alternatives for its Chemical business, the Dunlop brand and the Off-the-Road equipment tyre business.” The business will also continue with a new CEO following the parallel announcement of the retirement of current CEO Richard J. Kramer.
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Kramer to retire after 24 years with Goodyear
Richard J. Kramer has informed Goodyear’s board of his plans to retire as chairman, CEO and president of the company in 2024. Goodyear described Kramer’s retirement as “planned” and added that the subject has been “previously discussed with the board as part of the company’s ongoing and active succession planning process”. No successor has been named, but, as part of those plans, “the Goodyear Board retained a leading executive search firm to execute a search considering both internal and external candidates”.
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Nokian Tyres developing tyres for Polestar 0 project
The Polestar 0 project aims to create a climate-neutral car by 2030, eliminating all sources of CO2 emissions throughout the vehicle’s supply chain, manufacturing processes and end of life without offsetting them. Nokian Tyres has joined the project and is developing climate-neutral tyres for the car.
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Apollo Tyres signs Ceva Logistics distribution partnership in France
Apollo Tyres has signed a new tyre distribution deal with leading logistics provider Ceva Logistics in France. Apollo began integrating Ceva Logistics into its supply chain in May, since which it says it has cut average lead times to under four days. Apollo adds that the partnership has improved the overall ordering and delivery experience for customers. Ceva Logistics focuses on fulfilling orders of between six and 40 tyres from Apollo Tyres’ warehousing facilities in Enschede, the Netherlands. Larger Apollo orders will continue to be fulfilled by an existing, well-proven partner that typically collects from Apollo Tyres’ factory in Hungary.
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Toyo joins ETRMA
ETRMA Members formally approved the application of Toyo Tires to become a full Member of the Association as of 1 January 2024 during ETRMA’s 9 November board meeting.
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Pirelli expands Bari Digital Solutions centre
A years after opening Pirelli’s Digital Solutions Center in Bari is celebrating its first year of activity increasing its workforce to 80, up from the planned headcount of 50. Currently, Pirelli’s digital centre, which is run as a public-private-academic partnership totals 30 employees, mainly from the Apulia region. So far, Pirelli has invested about 4.5 million of the 9 million euros originally earmarked for the project up to 2024, part of which will be financed by the Apulia region.
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Goodyear EMEA: Transforming the organisation, optimising manufacturing and focusing the brand portfolio
Repeated loss-making quarterly results paired with global cost-cutting and headcount-reduction efforts throughout 2023 mean Goodyear has, understandably, received more attention than usual. Most of this has come from our own research, in response to third-party action – such as Elliott’s now-infamous letter – and off the back of the aforementioned financial results. Since all of the above reasons for writing about Goodyear particularly impact Europe, in mid-October Tyres & Accessories visited the Goodyear EMEA headquarters in Brussels, Belgium, to hear more about exactly how executives are leading the business through its current tumultuous times. The group of executives Tyres & Accessories met with specifically included David Anckaert, Goodyear EMEA vice-president, consumer; and Troy Scully, vice president, communications and public affairs EMEA. Not only does such an opportunity give Goodyear the right-to-reply, it also provides additional insights into the company’s current “transformation” plans. Indeed, that is where our discussion began, with David Anckaert explaining what is meant by transformation in EMEA.
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Astutus Research produces new Vehicle Kilometres Travelled in Europe analysis
Tyre industry data analyst Astutus Research has produced a new analysis of vehicle kilometres travelled (VKMT) in 26 European markets. This metric is a key figure in determining tyre sell-out volumes, though the data can often be untimely or inaccurate data. With its new reports, which can be tailored to particular requirements, Astutus says it can offer up-to-date analysis of VKMT, with more than 20 years of historic data [from 2000], and forecasts to 2028, within the passenger car and light commercial vehicle segments. More information can be found in the Tyrepress Report Shop. Several analyses of global tyre markets are available now on Tyrepress.
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7 tyre brands honoured at Asia Brand Summit 2023
At the end of September, the list of Asias most influential brands of 2023 was published at the “Asia Brand Summit” in Hong Kong. A total of 500 brands from 20 countries and regions, were honoured at the 18th World Brand Lab summit themed “The Impact of New Technologies on Brand Transformation and Consumer Behavior.” Seven of them were tyre brands and all seven were ranked amongst the top 350 of the 500 honoured brands.
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First pyrolysis oil made in Pyrum’s expanded plant
Pyrum Innovations has produced the first batch of pyrolysis oil in one of the two new reactors it has installed at its main facility in Germany. Although the Pyrum team has only made “small quantities” of oil so far, this marks a further step towards volume production.
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Michelin, Lilium sign eVTOL tyre agreement
German aerospace company Lilium is developing the world’s first all-electric vertical take-off and landing (eVTOL) jet, and Michelin has partnered to create tyres for the aircraft. Lilium and Michelin began working together more than a year ago to develop and produce custom tyres for the Lilium Jet and have now signed a final agreement covering design, serial production, and support.
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Bridgestone Q3 2023 financial results
Bridgestone Corporation announced its financial results for the third quarter of 2023 earlier today, reporting year-to-date consolidated revenue of 3,198.1 billion yen (£17.26 billion, US$21.17 billion), a seven per cent year-on-year increase. Operating profit rose six per cent year-on-year in the first nine months of 2023, to 362.3 million yen (£1.76 billion, $2.16 billion). The operating profit margin declined 20bps, to 11.3 per cent.
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