Kumho Tire – 3 years of “continuous operating losses”
On 7 November, the Shanghai Stock Exchange published the 2023 credit rating report for Qingdao City Construction Investment (Group) Co Ltd. (Qingdao City Investment), the holding company of Qingdao Doublestar and Kumho Tire. Our sister publication Tyrepresschina.com has shared some of the key details contained within the report, which is dated June 2023.
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Sentury Tire: 1 million OE tyres & increased aviation business
During an earnings presentation held on 8 November, China’s Sentury Tire shared its expectation of selling more than one million original equipment tyres in 2023. The company added that it is focusing on “mid- to high-end” OEMs.
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Goodyear Farm Tires returns to Poland
Polish tyre wholesaler Latex and its subsidiary Hurtopony have taken on distribution of the Goodyear Farm Tire range. The four main centres in Ruda Slaska, Opole, Bydgoszcz and Sosnowiec will supply tyres to the Latex national network.
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ChatGPT helping Hankook Tire to gain EV insights
Why survey people when you can draw upon all the wisdom of the internet? Hankook Tire & Technology has turned to artificial intelligence to gain insights into consumer attitudes towards electric vehicles, developing a Voice of Customer (VOC) analysis system based upon ChatGPT for this purpose. The Korean firm collaborated with data cloud computing companies Amazon Web Services and Snowflake to build an integrated VOC data analysis system.
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Bridgestone debuts algorithm-based mining solution
Bridgestone Corporation has introduced a new mining solution service that uses a proprietary, Bridgestone-developed algorithm to estimate tyre durability. It first introduced this offering in July 2023 to the BHP Group’s Spence copper mine (Pampa Norte operation) in Chile, which also uses the service to propose the optimal timing for tyre timing as well as driving routes for the mine.
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Continental lifts Tires EBIT margin for 2023
Continental has published its financial results for the three months to 30 September with the comment that Q3 2023 concluded “in line with expectations.” For the Tires group sector, the expectation was thus lower sales but an improved earnings position.
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Black Donuts – Europe a ‘unique opportunity’ for Chinese tyre makers
At a conference hosted by VMI Group in Yantai, China last month, the chief executive officer of Black Donuts spoke on why he believes Europe to be an “underutilised opportunity for tyre companies.” Kai Hauvala also shared insights on why Black Donuts believes the European market is an excellent opportunity for foreign tyre manufacturers and why Chinese tyre businesses should consider the region as their next big step.
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Guizhou Tyre increasing solid tyre capacity
Another investment for China’s Guizhou Tyre. Only a couple of months after announcing plans to lift its Zhazuo factorys annual OTR tyre capacity by 380,000 pieces and increase investment in its plant in Vietnam by US$58.08 million, the company says it will also invest RMB 300 million (£33.5 million) in a new solid tyre product at the Zhazuo site.
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Apollo Tyres lifts revenues despite “challenging” Europe
The Board of Directors at Apollo Tyres has approved the company’s unaudited financial results for July to September 2023 (Q2 2023-24). These show revenue of Rs 62.80 billion (£612.78 million) in revenue in the quarter ending 30 September, a 5.4 per cent year-on-year increase. Apollo Tyres shares that revenue growth was especially positive in its Indian Operations business.
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ISCC Plus certification for Kordsa Izmit plant
The Kordsa tyre reinforcement plant in Izmit, Turkey has gained ISCC (International Sustainability Carbon Certification) Plus certification. The Sabancı Holding subsidiary declares that this certification solidifies Kordsa’s “commitment to international sustainability standards” and specifically endorses the eco-friendly production of recycled polyester yarn, single cords, and cord fabrics within its product range.
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Federal chairman and general manager resigns
On 1 November, Federal Corporation announced that chairman and general manager Chen Heng Kuan resigned “due to other official duties”.
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Pollution board orders production stop at Ceat factory
The environmental regulatory body in India’s Maharashtra state has ordered tyre maker Ceat Ltd to pause operations at one of its plants. In notifications supplied to the BSE and National Stock Exchange of India, Ceat reports that the Maharashtra Pollution Control Board told it to “close down operations” at the Bhandup factory in the suburbs of Mumbai. According to Ceat, the Board’s correspondence of 4 November 2023 claims “certain alleged violations of the pollution control norms.”
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Goodyear EMEA responds to global challenges
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 recent 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. The topics we covered included business transformation, manufacturing optimisation and brand reorganisation. The full article is published in the November edition of Tyres & Accessories, but here’s a brief preview of that detailed response. This article is a preview of the full interview that will be published in the November edition of Tyres & Accessories magazine. Not a subscriber? No problem, click here to become one.
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Goodyear reports third quarter net loss of $89 million, sales down ~3%
Goodyear executives highlighted “improving industry conditions” and “solid operating results” in their third-quarter 2023 investor letter. High points include the Americas and Asia Pacific regions delivering margins above 8 per cent (the overall company’s goal for the second-half) during the quarter. Overall third-quarter segment operating income margin was 6.5 per cent, but the company “continue[s] to anticipate further gains during the fourth quarter.”
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rCB – Bridgestone & Michelin share progress in white paper
Following on from their call to action at the 2021 Smithers rCB conference, Bridgestone Corporation and Michelin Group have updated progress on their goal of increasing recovered carbon black (rCB) utilisation in tyre production. A joint technical white paper, titled Bridgestone & Michelin: Recovered Carbon Black Guidelines, shares the results of their work with other stakeholders to develop a global standard to this end.
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