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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.”
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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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Goodyear stock skyrockets in wake of Elliott letter
Goodyear stock shot up ~30 per cent following an explosive letter recommending radical change at the tyremaker from 10-per-cent-shareholder Elliott Investment Management. At the time of going to press, Goodyear Tire & Rubber Co. shares were up trading at $14.81, up 30 per cent compared with five days ago, with most of that coming on 11 May 2023 when the shareholder letter was published.
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Elliott proposes Goodyear back office cuts
Elliott Investment Management’s letter to Richard Kramer and members of the Goodyear Board of Directors contains the reassurance that it does not seek “any reductions in plant capacity or factory workforce.” Comforting words perhaps for members of the 74,000-strong Goodyear Tire & Rubber Company team engaged in production within the company’s 57 factories, but office-based employees have less reason to breathe easy.
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Recycled carbon black: Nokian Tyres joins project
Nokian Tyres is taking part in a research project that aims to improve the quality and yield of recycled carbon black from end-of-life tyres, with the goal of using this material more extensively in tyre and rubber products. The two-year development project is coordinated by Windspace Group A/S and co-financed by government initiative the Danish Eco-Innovation Program.
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Anyline launches truck tyre tread scanning tech, seeking early adopters
Anyline has launched commercial vehicle tyre tread scanning technology that can be used on any camera-enabled smartphone or mobile device. According to the company, the solution allows fleet operators to “improve tyre performance and longevity, ensure driver safety and reduce vehicle inspection time”.
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Goodyear: “Reviewing Elliott’s recommendations”
Following the publication of an open letter from shareholder Elliot Investment Management suggesting radical changes at Goodyear, executives at the company’s Akron, Ohio headquarters have released a statement confirming that they are “reviewing Elliott’s recommendations” and “intend to meet with them to discuss their views in more detail.”
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