Hubtrac Europe raises third-quarter 2024 sales forecast
Hubtrac Tires Europe’s sales division has raised its sales forecast for the third quarter of 2024. According to the company, executives of which Tyres & Accessories met with during the recent Tire Cologne exhibition, the revision is primarily driven by “the strategic geographical advantage of its top-tier production plant in Serbia and the recent sharp increase in shipping prices from China and Southeast Asia to Europe”.
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Lapin Kumi and Colmec form joint tyre services group
The Finnish Lapin Kumi and Swedish Colmec tyre businesses are forming what they call “a new sustainable and customer centric tyre services group”. This step follows a similar move by fellow Swedish firms Centrala Gummi and Colmec earlier in the spring. The transaction is expected to close in the third quare 2024, subject to customary closing conditions.
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Michelin leading premium tyremakers in year-on-year share price performance
Michelin is leading the pack when it comes to share price performance amongst the top five tyremakers in the past year. Indeed, while other tyremakers have been experiencing falling stock prices, Compagnie Générale des Établissements Michelin recently passed above its two hundred day moving average. But when you compare the one-year share price performance of Michelin, Bridgestone, Goodyear, Continental and Pirelli, Michelin is the clear leader.
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Goodyear shares fall to 52-week low, but institutional investors are buying
Goodyear Tire & Rubber Company shares fell to a 52-week low during trading on Tuesday 18 June 2024. Specifically, the stock price fell as low as $11.24 having previously closed at $11.53. However, there is also evidence that institutional investors are increasingly interested in the tyremaker’s shares.
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European Commission conducts further antitrust raids
The European Commission has confirmed it is carrying out “unannounced inspections” in connection with raids at the offices of a number of tyremakers earlier in the year. This round of raids, however, has only taken place at the premises of “a consultancy firm” in two member states, which suggests the case is beginning to focus its attention.
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Birla Carbon plants in Brazil, Hungary, and Egypt gain ISCC Plus Certification
Four Birla Carbon plants – Cubatão and Camaçari in Brazil, Tiszaújváros in Hungary, and Alexandria in Egypt, have secured the ISCC Plus certification.
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Linglong’s Serbia tyre factory certified by well-known OEMs
In recent months, Linglong Serbia tyre factory has been certified by car manufacturers including: Nissan, Volkswagen, Audi, Ford, Stellantis group, Hyundai and Kia as well as the truck manufacturer MAN and approved for the production of original equipment tyres – an essential prerequisite for the production of tyres specified for delivery to automobile manufacturers.
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Jiangsu General increases PCR tyre capacity at Thailand plant
Jiangsu General said the Thailand plant’s construction project (Phase II) has been modified. Specifically, the tyre manufacturer has increased the production capacity of semi-steel radial tyres at overseas bases and cancelled the plan to expand the production capacity of full-steel radial tyres.
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Spanish automotive suppliers break 40-billion-euro milestone in 2023
The Spanish automotive supplier sector billed 41,529 million euros in Spain during 2023, a 10.3 per cent increase over 2022. This represents a milestone in the local industry, breaking the 40 billion euro barrier for the first time.
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Yokohama Geolandar A/T4 on sale in the USA
Yokohama Tire Corporation, the North American manufacturing and marketing arm of Tokyo, Japan-based The Yokohama Rubber Co. Ltd., reports that the Geolandar A/T4 G018, is now on sale in the US. Over 50 LT-metric sizes are expected to be available by year-end and “more than 130 euro-metric and LT-metric sizes ranging from 15- to 22-inch wheel diameters are planned for the line”.
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JK Tyre gains ISCC Plus Certification for its Chennai plant
JK Tyre & Industries reports that it has become the first tyremaker in India to receive the prestigious International Sustainability and Carbon Certification (ISCC) Plus for its Chennai plant. Achieving ISCC Plus certification requires compliance with numerous criteria, including the traceability of raw materials, adherence to environmental regulations, preservation of ecosystems, upholding labour and human rights, and promoting sustainable economic development. The final audit for this certification was conducted by the Indian counterpart of the certification body based in Kolkata.
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JK Tyre rating and outlook upgraded on ‘increasing share of premium products’
CARE Ratings Limited (CARE) has upgraded JK Tyre and Industries Limited (JKTI)’s credit rating from CARE A+ to CARE AA- and reaffirmed its short-term ratings of CARE A1+. The outlook has also been revised from Positive to Stable.
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Kerridge Commercial Systems acquires Rain Data
Kerridge Commercial Systems (KCS), which bought Compilator about a year ago, which itself bought Team Systems back in 2016, has completed the acquisition of Rain Data. According to the company, the acquisition marks a significant step forward in KCS’s commitment to delivering enhanced product information and data solutions.
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West European heavy trailer outlook weakens in 2024, but 4-year forecast appears record-breaking
The 2024 outlook for sales and production of heavy trailers has weakened in comparison with the previous year. However, the 2024-2028 data is set to be record-breaking, according to the June 2024 forecast for the West European Heavy Trailer Market produced by Clear International.
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Keolis chooses Colmec as ‘complete tyre supplier’
Keolis, a key player in Swedish public transport, has agreed a new long-term cooperation agreement with Colmec starting as early as 1 June 2024.Keolis, a key player in Swedish public transport, has agreed a new long-term cooperation agreement with Colmec starting as early as 1 June 2024.
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