![Europe to bear 40% of Goodyear’s global job cuts](https://www.tyrepress.com/wp-content/uploads/2023/02/GY-job-cuts.png)
Europe to bear 40% of Goodyear’s global job cuts
The news that Goodyear lost $104 million in the fourth quarter of 2022 won’t be welcome in the company’s Europe Middle East and Africa (EMEA) region. The official figures also confirmed projections a fortnight earlier that EMEA’s own fourth-quarter 2022 loss of $80 million would make up the lion’s share of the red numbers. Back then, Goodyear’s Ohio-based global executives announced plans to cut 5 per cent of the firm’s global salaried workforce and official statements featured implicit references to the underperformance of the EMEA region, raising questions about how many jobs would be cut in Europe.
Continue Reading![Goodyear reports losses of $104 million in Q4 2022, points the finger at Europe](https://www.tyrepress.com/wp-content/uploads/2023/02/Goodyear-figs.png)
Goodyear reports losses of $104 million in Q4 2022, points the finger at Europe
Goodyear reported net losses of $104 million (£85.81 million; 96.71 million euros) in its fourth-quarter 2022 results. By comparison, the same period of 2021 saw $553 million of income. Meanwhile, net sales grew six per cent to $5.374 billion in the period despite 3 per cent lower unit volumes compared with the same period in 2021.
Continue Reading![GS Yuasa International and Honda to develop lithium-ion batteries](https://www.tyrepress.com/wp-content/uploads/2023/02/GS-Yuasa-and-Honda.jpg)
GS Yuasa International and Honda to develop lithium-ion batteries
GS Yuasa International Ltd., the parent company of GS Yuasa Battery Europe Ltd., has announced the signing of an agreement with Honda Motor Co. Ltd. to develop high-capacity, high-output lithium-ion batteries. The two Japanese heavyweights are to begin discussions with the aim of establishing a joint venture to meet the rapidly expanding demand for lithium-ion batteries by the end of 2023.
Continue Reading![New leadership trio at German wholesaler Tyremotive](https://www.tyrepress.com/wp-content/uploads/2023/02/Tyremotive-Leibold-Herbzerg.jpg)
New leadership trio at German wholesaler Tyremotive
Over the past year or so, Global Automotive Investments Holding (GAI) has acquired a significant stake in Tyremotive GmbH, but managing director and co-founder Jochen Freier initially retained his almost quarter share in the German tyre and wheel wholesaler. Freier has now sold and stepped down as MD “at his own request” on 31 January 2023, leaving behind him a 100% GAI-owned business.
Continue Reading![MTS named exclusive Petlas distributor](https://www.tyrepress.com/wp-content/uploads/2023/02/MTS-Petlas-signing-of-distribution-deal-sml.jpg)
MTS named exclusive Petlas distributor
A freshly-signed agreement sees Micheldever Tyre Services (MTS) become the exclusive UK distributor for Petlas passenger car, 4x4 and light truck tyres. Petlas is the third exclusive brand MTS has taken on since its acquisition by Sumitomo Rubber Industries in 2017
Continue Reading![Nokian Tyres exits Chinese market](https://www.tyrepress.com/wp-content/uploads/2023/02/Nokian-Exit.png)
Nokian Tyres exits Chinese market
The official Chinese website of Nokian Tyres states that the Finnish tyre manufacturer is withdrawing from business in the Chinese market due to its “limited production capacity”.
Continue Reading![Nokian Tyres: 116.2-million-euro loss down to Russian car tyre production gap](https://www.tyrepress.com/wp-content/uploads/2023/02/Nokian_Tyres_Test_Center_in_Ivalo_048-scaled.jpg)
Nokian Tyres: 116.2-million-euro loss down to Russian car tyre production gap
Nokian Tyres reports that its fourth-quarter 2022 net sales totalled 411.3 million euros, down 19.8 per cent from 512.6 million euros in October–December 2021. Operating profit was 13.5 million euros (Q4 2022: 88.0 million). Despite that, the company’s full-year 2022 net sales grew 3.6 per cent to 1,776.1 million euros (2021: 1,714.1 million euros). However, that wasn’t enough to prevent a full-year 2022 loss of 116.2 million euros (2021: 268.2 million euros profit). Executives put the fourth-quarter declines down to “lower passenger car tyre supply volumes…”, something that is a veiled reference to the fact that the company is wrestling with a serious passenger car tyre production gap.
Continue Reading![Tatneft buys tyre maker Birinchi](https://www.tyrepress.com/wp-content/uploads/2023/02/birinchi.jpg)
Tatneft buys tyre maker Birinchi
Tatneft, the firm seeking to acquire the Nokian Tyres operation in Russia, has purchased Uzbekhistan’s only tyre maker, Birinchi rezinotexnika zavodi. Former majority owner Uzkimyosanoat JSC reports that Tatneft paid US$80 million for a 100% shareholding in the tyre maker. Tatneft also takes over credit obligations and debts equal to $153 million.
Continue Reading![Goodyear mulling ‘partial unemployment’ in Luxembourg](https://www.tyrepress.com/wp-content/uploads/2023/02/GY-Lux-sml.jpg)
Goodyear mulling ‘partial unemployment’ in Luxembourg
In the absence of specific information regarding Goodyear’s plans to cut 5% of its salaried workforce worldwide, uncertainty exists as to where the axe will fall. But it appears Luxembourg has been spared the worst, with media firm RTL Luxembourg reporting that Goodyear has “no official plans” to make staff redundant there. But this doesn’t mean they’ll be entirely unaffected by the tyre maker’s belt-tightening.
Continue Reading![Goodyear honours UK partner with TruckForce Award](https://www.tyrepress.com/wp-content/uploads/2023/02/bmtr-truckforceserviceawardsq42022-sml.jpg)
Goodyear honours UK partner with TruckForce Award
Birmingham Motor Tyres Ltd (BMTR) is one of four Goodyear TruckForce partners to be awarded for the final quarter of 2022. It joins partners from Germany, Italy and Serbia who have “gone the extra mile” for customers and “demonstrated exceptional customer service.”
Continue Reading![‘Huge opportunity’ for mid-range, quality tyres – Davanti sales director](https://www.tyrepress.com/wp-content/uploads/2023/02/Alltoura.png)
‘Huge opportunity’ for mid-range, quality tyres – Davanti sales director
Building on its 2015 foundation, the UK-owned Davanti Tyres brand has developed a comprehensive range of products for the car and light truck segments while increasing its penetration via distribution partners in international markets. With its products produced in East Asia and its sister distribution company Oak Tyres handling UK distribution, the brand can offer an informed perspective on current car tyre market trends. Tyres & Accessories talked to Davanti Tyres sales director for UK and Ireland, Sean Maddocks about tyre imports, car parc evolution, and the latest Davanti products.
Continue Reading![Yokohama Rubber expands winter tyre test capabilities](https://www.tyrepress.com/wp-content/uploads/2023/02/yokohama-winter-indoor-sml.jpg)
Yokohama Rubber expands winter tyre test capabilities
A new facility for testing Yokohama winter tyres entered operation on 5 January. Yokohama Rubber opened the indoor ice circle facility at its Tire Test Center of Hokkaido to evaluate the turning performance of car, bus and truck winter tyres on icy surfaces, a characteristic it considers, after braking performance, the “second most important tyre performance on icy roads.”
Continue ReadingEuropean car tyre imports rise despite apparent risks of offshoring production
The European passenger car and light truck tyre (PCLT) import market recovered substantially from its bout of Long Covid in the second half of 2022 as the benefits of local versus remote production took an unexpected hit. A perfect storm of significantly lower freight costs and high European energy costs nudged the dial on the relative competitiveness of imports and domestic PCLT tyre production in the second half of 2022. Looking at the European PCLT tyre market through the prism of imports, leading sector analyst Astutus Research shares with Tyres & Accessories its data demonstrating the effects of a rapidly changing market context. The latest Astutus Research briefing, ‘Supply Dynamics in the European PCLT Tire Industry to 2028’, priced at £995 is available now on Tyrepress.
Continue Reading![Magna Tyres acquires South Africa’s Tirepoint](https://www.tyrepress.com/wp-content/uploads/2023/02/Magna-tyres_tire-point.jpg)
Magna Tyres acquires South Africa’s Tirepoint
Magna Tyres Group has expanded its global footprint with the purchase of South African tyre dealer network Tirepoint. With this acquisition, Magna Tyres’ global workforce stands at more than 700. The company has declined to disclose the transaction’s financial details.
Continue Reading![Apollo Tyres’ 9M revenue up 19%](https://www.tyrepress.com/wp-content/uploads/2023/02/Apollo-placeholder.jpg)
Apollo Tyres’ 9M revenue up 19%
Apollo Tyres Ltd. maintained its market share within Europe’s passenger car and light truck (PCLT) market in the three months to 31 December 2022 (Q3 FY2023) despite declining approximately 14 per cent year-on-year in this market. The tyre maker primarily attributes this negative growth to high channel inventory, a mild winter and the economic slowdown.
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