Cyclical declines shouldn’t hinder investments in agri technologies
The EIMA agricultural machinery begins in Bologna today, and show organiser FederUnacoma, the Italian Agricultural Machinery Manufacturers Federation, has taken the opportunity to provide an overview of the global agricultural machinery market. The association notes an “unfavourable trend in the agricultural and industrial sectors” in the first six months of 2024 but nonetheless emphasises the importance of maintaining investment in technologies that increase crop yield and aid agricultural sustainability. FederUnacoma’s position reflects the comments we’ve heard from several premium agricultural tyre makers in recent times.
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Kumho unveils 3 UHP tyres for North America
The SEMA 2024 show debuts today in Las Vegas, and at the event Kumho Tire U.S.A. is launching no less than three ultra-high-performance tyres for North American customers. The new arrivals are the Kumho Ecsta Sport All-Season PA71, Ecsta Sport PS72 and Ecsta Sport S PS72, tyres that “bring next-generation compound and tread design technology for superior performance without compromise.” Kumho plans to make these tyres available in the local market by spring 2025.
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New van market hits three year high but EVs need boost – SMMT
Figures published by the Society of Motor Manufacturers and Traders (SMMT), show that the number of new light commercial vehicles (LCVs) joining UK roads grew 2.4 per cent in October with 26,974 new vans, pickups and 4x4s registered. It represents the third consecutive month of overall market growth and the best October in three years.
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New car market falls in October, but EV sales rise
Sales figures released by the Society of Motor Manufacturers and Traders (SMMT) show that the UK new car market fell for the second time this year in October, down by -6.0 per cent to 144,288 new registrations. Declines were recorded across all buyer types, with fleets falling for the second time this year, down -1.7 per cent, and the low-volume business market declining -12.8 per cent. Private purchases continued their two-year long wane, down -11.8 per cent, meaning fewer than four in 10 (38.8 per cent) of new cars registered in the first 10 months have gone directly to private buyers.
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JK Tyre merging Cavendish subsidiary
JK Tyre & Industries Ltd. is working towards merging with its 2016-acquired subsidiary Cavendish Industries Ltd. (CIL). Following the merger, all the companys tyre operations in India will be housed within a single listed company, an arrangement expected to result in greater synergies, a simplified structure and less red tape. JK Tyre also views a merger with CIL as a means of “unlocking value” for its shareholders as well as improving investor perceptions.
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Industrial tyre demand increasing at 3.5% CAGR
The latest data suggests that the global market for port and industrial tyres was worth around US$8.8 billion in 2023. From here, it is projected to reach US$11.2 billion by 2030, growing at a compound annual growth rate (CAGR) of 3.6 per cent 2023 and 2030, according to Research and Markets.
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JK Tyre reports moderate revenue & profits in challenging Q2 2025
JK Tyre & Industries Ltd. has announced its financial results for Q2 FY2025 and H1 FY2025, the quarter- and half-year periods ending 30 September 2024. The tyre maker’s latest figures show a decline in key metrics year-on-year amidst challenging market conditions. Despite these headwinds, the company’s strategic focus on export growth and innovative product development provided partial offset to slower domestic performance. Operating challenges, including fluctuating raw material prices, dampened profitability margins.
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Enviro CEO speaking at international Recovered Carbon Black conference
Scandinavian Enviro Systems (Enviro) CEO Fredrik Emilson is participating in a keynote CEO panel arranged during the first day of the Recovered Carbon Black conference as well as at a special networking lunch that Enviro is hosting and where chairman Alf Blomqvist will also be present. The Recovered Carbon Black conference takes place between November 5 and 6.
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Vietnamese truck tyre exports to be worth >US$3 billion by 2033 – report
In 2023, Vietnam’s commercial vehicle tyre exports reached a total value of US$1.305 billion. According to research conducted by Research and Markets, with the growth in global tyre market demand in 2024, the cumulative export value of Vietnams commercial vehicle tyres had already approached $600 million by May 2024. By 2033, Vietnamese truck tyre exports are expected to reach a value of $3.27 billion, which equates to a compound annual growth rate (CAGR) of 9.8 per cent.
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Cheng Shin’s company website encountered hackers
Cheng Shin Rubber reports that some information systems belonging to its Canadian company, Cheng Shin Rubber Canada Inc., recently suffered a cyber-attack.
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Pekka Natri heads Cimcorp North America
Cimcorp has named Pekka Natri as its new Head of Region, North America. With nearly 30 years of experience in global business development, Natri has been “a dedicated member” of the Cimpcorp team since 2018. In his new role, Natri will “align North American teams, functions, and partners. His focus will be on serving our customers locally while supporting global growth.”
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Goodyear reports net loss of $34 million in third-quarter of 2024, EMEA recovering
The Goodyear Tire & Rubber Company has reported third quarter 2024 sales of $4.824 billion, down 6.2 per cent year-on-year, resulting in a net loss of $34 million compared with a net loss of $89 million a year ago.
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Bridgestone partnering on tyres for ‘kitchen stove’ lunar rover
The Moon is set to become a crowded address over the coming decade, with numerous national and private projects set to land craft, vehicles or people on the lunar surface. Bridgestone Corporation is playing a role through its collaboration with Astrobotic Technology, which centres on the joint development of an advanced lunar rover tyre. This new partnership builds upon the first- and second-generation concept lunar tyres that Bridgestone has already designed and tested.
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Michelin closing another 2 plants in Europe
More bad news for European tyre making has arrived in the form of Michelin’s decision to close its Cholet and Vannes plants in France by early 2026 at the latest. The company announced this planned measure to the two facilities’ 1,254 employees this morning. When added to the approximately 1,500 employees at three locations in Germany, where operations will cease by the end of 2025, Michelin has announced some 2,750 job cuts within Europe in the past year.
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Car stolen from Tiger Wheel & Tyre in fraudulent vehicle collection
In South Africa, Tiger Wheel & Tyre has acknowledged that a vehicle was “fraudulently collected by an unauthorised individual posing as collecting said vehicle on behalf of the owner”. The salutary tale highlights the importance of following protocol and ensuring the right checks and balances are in place when it comes to post-work vehicle collection.
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