Doublestar’s market focus shifts overseas
At 2.28 billion yuan (about £250 million; €290 million), Doublestar’s revenue was almost the same year-on-year in the first half of 2024. Doublestar was still in the red during the reporting period. However, compared with the same period in 2023, its losses were further reduced to 57.1 million yuan (about £6.2 million; €7.4 million). According to Doublestar, “PCR product profitability continues to improve” but “insufficient market demand for truck and bus tyres” is why the tyre manufacturer is still losing.
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Mexico imposes anti-dumping duties on Chinese-made PCR products
Effective 1 October 2024, Mexico has imposed anti-dumping duties on passenger car and light truck tyres (PCR) from China. In the list published by the Mexican investigation agency, Zodo has the lowest tax rate of 5.18 per cent. Changfeng, Haohua, and Linglong-made products are being required to pay anti-dumping duties of 7.16 per cent, 11.55 per cent, and 19.37 per cent respectively.
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Atire launches carbon-neutral industrial tyre range
Industrial tyre manufacturer Atire reports that its range of solid tyres has been certified carbon-neutral. Indeed, according to Atire, the tyremaker is “the first company in the world to launch a carbon-neutral solid tyre range.”
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Brazil imposes 25% tariff on imported car tyres
The Brazilian Foreign Trade Chamber (CAMEX) approved a request from the Brazilian tyre industry association ANIP to impose a 25 per cent tariff on imported passenger car tyres (PCR) for the next 12 months. Previously, the tariff was 16 per cent.
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Nexen develops AI-based tyre inspection system
Nexen Tire has developed and implemented an AI-based automated tyre product inspection system. Apparently the first of its kind in the tyre industry, the system has been developed in a platform format, allowing swift application to new factories or equipment.
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Sentury Morocco factory starts tyre production
On 30 September 2024, the first 17-inch and 18-inch tyres rolled off the production line at Sentury’s Morocco factory. The tyre manufacturer called this “the official start of production at the Morocco factory”. Qin Long, chairman of Sentury, attended the commissioning ceremony and announced that the first batch of tyre products officially rolled off the production line.
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Jiangsu General considers third overseas factory
In the first half of 2024, Jiangsu General’s revenue reached 3.07 billion yuan (about £333 million; €400 million), a year-on-year increase of 36.91 per cent. During the same period, the tyre company’s net profit was 290 million yuan (about £31 million; about €38 million), an increase of 393.32 per cent over the same period in 2023.
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Parallel imports satisfying Russian demand for premium tyres
Last month we reported on what Ukrainian government agency the National Agency on Corruption Prevention (NACP) had to say about aircraft tyres entering Russia, but imports are by no means restricted to this product segment. According to research conducted by Russia’s largest non-governmental leasing company, two of the three tyre brands that corporate and fleet users most favour are products no longer officially sold within the country.
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VMI opens new facility in India
VMI Group has inaugurated a new facility in India. According to the company, the centre will house an overseas extension to VMI’s global engineering operation and will also be the service maintenance and upgrade centre for India.
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JK Tyre partners with Vertelo to provide EV fleet solution
JK Tyre & Industries is supplying Vertelo with its Connected Mobility Solutions, a cloud-based monitoring system. Vertelo is a “bespoke electric mobility solutions provider”. Through this partnership, JK Tyre will be providing the brand’s 255/70R22.5 JUXe EV tyres equipped with connected Treel sensors with real-time monitoring for Vertelo’s fleet. The mobility services will be provided at Vertelo depots nationwide, starting with Mumbai. JK Tyre will deploy a dedicated team of experienced professionals to provide round-the-clock support at the depot as well as enroute assistance.
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Production of Prometeon-branded tyres for UK, European and Turkish markets starts
Following their launch in Egypt at the beginning of May 2024 and their UK debut at the end of May, Prometeon Tyre Group has started producing Prometeon-branded tyres for the UK, European and Turkish markets. On 4 October 2024, Prometeon Tyre Group launched its first Serie 02 Prometeon-branded tyres for the main European main markets, the UK and Turkey. The launch, which took place in Turkey, continues the expansion that began with the production and distribution of Serie 02 tyres in Egypt earlier this year, which was aimed at the African and Middle Eastern markets. The transition to the new product brand will be gradual in Europe, Turkey and the UK, with the new R02 line, developed for regional applications, set to be available starting from October.
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Zhao Laihong appointed as general manager of Bridgestone (China)
Bridgestone appointed Zhao Laihong as general manager of Bridgestone (China) effective 1 January 2025. In this role, he will be responsible for the tyremaker’s “business development and strategic planning” in China. Bridgestone said that Zhao Laihong’s “deep understanding of the Chinese market, accurate positioning and strategic vision for Bridgestone’s development, and rich experience in foreign-funded enterprise management will lead Bridgestone’s business in China into a new stage of development full of vitality and vigour”.
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Translogik partners AssetFindr to expand in Asian market
Translogik, a division of Transense Technologies plc, has formed a strategic distribution partnership with AssetFindr, headquartered in Jakarta, Indonesia with a customer base across Southeast Asia. The collaboration opens a new sales region for Translogik, bringing its tyre inspection and data capture tools to market in Southeast Asia for the first time along with AssetFindr’s TyreOptimaX module.
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4 automotive suppliers among ‘World’s Most Sustainable Companies’, Continental 2nd
Earlier this year, Time magazine and Statista recognised the top 500 most sustainable companies in the world, 2024. Shortly afterwards, we reported how Pirelli, Continental and Hankook were rated as the top three tyremakers in the list. However, four automotive suppliers could also be found in the ranking, of which Continental AG came out 2nd.
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Brembo sells Pirelli stake, Camfin buys half
Well-known brake manufacturer Brembo N.V. has sold its entire stake in Pirelli & C. S.p.A. through an “accelerated bookbuilding offering” (the “Placement”). The proceeds amount to approximately 282.9 million euros, deriving from the sale of Brembo N.V.’s entire stake of no. 55,800,000 ordinary shares of Pirelli & C. S.p.A., at a price of 5.07 euros per share. Brembo’s stake in Pirelli had equated to roughly 5.58 per cent of Pirelli’s issued share capital.
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