Continental, Goodyear share IAA Transportation plans
The IAA Transportation show will take place in Germany in less than two months’ time, and the exhibitor list includes many familiar names from the tyre industry. Two major manufacturers recently shared what they intend to highlight at the commercial vehicle, logistics and transportation trade fair.
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£10 billion operating income by 2028 – Dongying sets tyre making targets
The Dongying government in China’s Shandong Province is implementing a 2024-2028 Rubber Tyre Industry Development Plan that focuses on up to nine tyre and tyre-related enterprises within the region. The goal is for these firms to achieve a combined operating income of RMB 100 billion (£10.6 billion) by 2028.
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Wholesaler Univergomma defies market trends in 2023
Despite a challenging market environment, as highlighted by ETRMA data showing a further year-on-year decline compared to 2022, Univergomma Group defied the trend and significantly improved its economic and financial results in 2023. The Italian tyre distributor was even able to report record figures, with sales revenue exceeding €335 million, marking a five per cent increase. The groups production value also surpassed €350 million, reaffirming its position as a market leader and a key reference point for Italian customers.
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Qingdao Doublestar to sell 100% stake in Guangrao Jixing
China’s Qingdao Doublestar intends to sell its entire 100 per cent shareholding in Guangrao Jixing Tire Co. Ltd through a public listing. The company stated it is actively seeking potential buyers but clarified that this announcement does not constitute an offer or a transaction.
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Trainsaid gains funding for HGV training
International development organisation Transaid has secured funding from the Puma Energy Foundation to lead an entirely new two and a half-year project supporting the nationwide rollout of a new Heavy Goods Vehicle (HGV) driver training standard in Ghana. Transaid’s selection to lead the work follows more than three years’ experience working in the country, where it developed the training standard and built driver training capacity at the institutional level.
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JAL and Bridgestone expand tyre Wear prediction technology to large jets
Japan Airlines Co., Ltd. (JAL) and Bridgestone Corporation have extended the application of their tyre wear prediction technology to implement scheduled tyre replacement operations for large jet aircraft, including the Airbus A350-900, which JAL has operated since May 2024.
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Ceat a Bayer 04 Leverkusen premium partner
German football club Bayer 04 Leverkusen is entering the next two seasons with a new premium and tyre partner. Tyre maker Ceat is joining the Bundesliga team and DFB Cup holders with immediate effect, succeeding previous tyre partner Kumho Tire following the planned conclusion of this cooperation at the end of last season. The newly agreed premium partnership with Ceat is set to run until 30 June 2026.
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Michelin closing Trier, Germany plant by year’s end – sizeable severance payouts
We learned late last year that three Michelin plants in Germany will partially or fully close by the end of 2025, a measure affecting around 1,500 employees at the Homburg, Karlsruhe and Trier facilities. The tyre maker now intends to end operations in Trier earlier than originally indicated; Michelin is giving workers the choice between substantial severance payments, a well-paid transition to retirement or employment elsewhere via move into a ‘transfer company’.
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Apollo Tyres retains EcoVadis Silver Award
It is silver again for Apollo Tyres in the EcoVadis Sustainability Excellence ratings. This is the tyre maker’s third consecutive Silver Award at the annual EcoVadis sustainability assessment, with improved scores from 56 to 70 over the last three years.
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Nexen Tire leveraging virtual technology in tyre R&D
On 4 July, Nexen Tire unveiled its High Dynamic Driving Simulator, a VR-based tool for tyre development. This initiative, which Nexen Tire says is a first for a Korean tyre maker, draws upon the specialist know-how of British equipment supplier Ansible Motion. The tyre maker anticipates that the driving simulator will foster collaboration with vehicle manufacturers, reducing vehicle development times and costs through accelerated virtual development.
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India: Tirupati Tyres may gain from Michelin order
The Press Trust of India (PTI) reports that the Indian stock market is “abuzz with excitement” surrounding Tirupati Tyres Limited as rumours of a Rs 3.5 billion (£32.2 million) raw material supply order from global player Michelin gain traction. Although neither Michelin nor Tirupati Tyres have announced any such transaction, PTI notes that the finalisation of such a potential deal could “send Tirupati Tyres stock price skyrocketing” – according to PTI, experts predict a “staggering 1250 per cent gain” in the Tirupati Tyres share price over the coming six months.
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Hankook subsidiary partnering on AR development
Hankook Tire & Technology’s tyre plants in Geumsan, South Korea, and Tennessee, USA are currently home to field tests of augmented reality technology developed by Hankook & Company subsidiary Model Solution. The total hardware platform company now aims to extend its competencies through an agreement signed with an artificial intelligence (AI) and extended reality (XR) technology company Virnect. This will see the two partners collaborating to research and develop smart goggles at Model Solution’s facility in Bucheon, South Korea.
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SRI collaborating on innovative cancer therapy project
Sumitomo Rubber Industries, Ltd. is partnering with leading experts in Japan on a significant project unrelated to tyres but with substantial societal benefits. Together, they are working on developing a new cancer therapy using a cancer cell absorption kit that employs a unique polymer developed by Sumitomo Rubber.
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Ceat Q1 24-25 results: Strong growth despite margin pressures
Indian tyre maker Ceat Limited has released its unaudited financial results for Q1 2024-25, the quarter ending 30 June 2024. The RPG Group company reports reaching Rs. 31,928.0 million (£294.06 million), with an EBITDA margin of 12.2 per cent, marking a contraction of 124 basis points compared to Q4 FY23-24. Net profit for the quarter stood at Rs. 1,542.0 million (£14.20 million).
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Kumho Tire enhances profile through Eintracht Frankfurt partnership
Korean tyre manufacturer Kumho Tire has entered into a three-year strategic partnership with German football club Eintracht Frankfurt. This collaboration aims to bolster Kumho Tires visibility and brand image, encompassing advertising within the stadium, hospitality packages, and collaborative social media initiatives. In addition to supporting the mens team, Kumho Tire will also back the Esports team, with joint campaigns planned alongside EintrachtTech.
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