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.
At a meeting of business partners in Hungary, Apollo Tyres launched its new Avolve service business model. The company describes Avolve as a “servitisation model” that offers tailored solutions to targeted customers, especially commercial fleet operators. Apollo Tyres is initially rolling out Avolve across India.
Following on from its development of agricultural tyres with 75% sustainable materials, Apollo Tyres has now achieved the same goal with passenger vehicle tyres. These tyres – an Apollo Amperion high-performance tyre for electric vehicles and an Apollo Aspire 4G+ ultra-high performance car tyre – are not commercially available at present.
Apollo Tyres has appointed Bruno De Langhe as its new country sales manager for the Belux region. He will succeed Antoine de Grand Ry, who has retired after more than 30 years at the company. De Langhe joined Apollo Tyres in 2022 as an account manager for passenger car tyres in Belgium. Since then, he has been responsible for boosting brand awareness and sales in the Belux region.
A key focus of Apollo Tyres’ medium-term strategy in Europe has been original equipment deliveries in the truck and bus sector. The tyre maker has realised this with its first partnership, which sees it supply Apollo EnduTrax tyres for the Iveco Way ranges.
Apollo Tyres has shared details about the recently-launched Vredestein Quatrac Pro EV, Europe’s first dedicated all-season tyre for electric vehicles. Specifically, the manufacturer sheds light on tyre development using its state-of-the-art virtual prototyping and simulation platform and how this helped to “dramatically reduce time-to-market as well as the product’s environmental impact and development costs.”
Six well-known tyre manufacturers have teamed up to provide their customers with easier access to agricultural tyre pressure indications. Information from Apollo Tyres, Bridgestone, Continental, Michelin, Nokian Tyres and Trelleborg Wheel Systems is now available in a single app, Agro Tyre Pressure. Swiss firm Anura Associates developed the app for the tyre makers.
10 years after Apollo Tyres’ bid to acquire Cooper Tire fell through, vice-chairman and managing director Neeraj Kanwar says the company is putting its emphasis on back on North America and even hinted at the goal of building a tyre production facility there.
BMW Group has chosen Vredestein Ultrac for its all-new BMW X1 and will fit this tyre to the sports utility vehicle in size 205/65 R17 100Y XL. Apollo Tyres will ship the original equipment tyre, marked with BMW’s star symbol on the sidewall, from its plant in Gyöngyöshalász, Hungary directly to BMW’s production facility in Regensburg, Germany.
Apollo Tyres Ltd has launched its Vredestein-branded Pinza AT tyres in India. Dubbed “dedicated and premium tyres for SUVs in India”, the Vredestein Pinza AT products feature “all-weather grip”, “excellent stability” and are said to deliver “comfortably rugged” and “quieter rides”, according to the company.
Apollo Tyres is adding 17 new 18-21” fitments to its Vredestein Quatrac Pro ultra-high-performance (UHP) all-season tyre range. The tyre is now available in 103 dimensions for 17-22” rims. The new sizes will be added to the range in the first half of 2023. The new sizes offer options tailored for front or rear axles for front, rear and all-wheel drive applications. Apollo says the new sizes will ensure the Quatrac Pro remains suitable for a very diverse range of cars and SUVs. These include performance variants of the Mercedes G-Class, BMW 4 Series, Range Rover Velar, and Audi Q3.
Apollo Tyres aims for at least 40 per cent of the raw materials it uses by 2030 to be sustainable, and to show what it can already achieve the tyre maker has produced an agricultural tyre containing 75 per cent sustainable materials. Although just a concept, Apollo is evaluating the product’s potential commercialisation.
Apollo Tyres Ltd. maintained its market share within Europe’s passenger car and light truck (PCLT) market in the three months to 31 December 2022 (Q3 FY2023) despite declining approximately 14 per cent year-on-year in this market. The tyre maker primarily attributes this negative growth to high channel inventory, a mild winter and the economic slowdown.
Apollo Tyres has appointed Alexander Mai as Cluster Manager for its European Two Wheel Tyre division. Mai will succeed Thomas Mittendorff, who steps down at the end of January to take a position outside the company. Mai takes responsibility for a business that currently offers Vredestein bicycle tyres in Europe and is expected to introduce a range of Vredestein-branded tyres for motorcycles and mopeds in the not-too-distant future.
At the start of 2022, several sources on social media shared a chart suggesting that Apollo Tyres is the biggest tyre manufacturer by market share. And what’s more, Michelin was nowhere to be seen. “Don’t believe every meme you see” is great advice for everyone, but for us “check your sources” is a basic rule of thumb. So, we had to take a closer look at those market share claims and found that, while there’s no smoke without fire and they do relate some truth, there is also a fair bit more to the story.
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