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Chinese tyre makers lost share value in 2011

Company News, International News, News

With China accounting for about 34 per cent of global rubber demand in 2011 and with demand for cars slowing last year in the People’ Republic, the varied economic climate is proving to be a challenging environment for the countries fast growing domestic tyre manufacturers.

According to China Daily and Bloomberg reports, China's economy is forecast to grow 8.5 per cent next year, the least in 11 years, according to the Organization for Economic Cooperation and Development (OECD). Vehicle sales may rise by the least in 13 years in 2011, plunging from last year's record 32 per cent, the China Association of Automobile Manufacturers reported.

6th January 2012/by Tyrepress Editors

Report: Cheng Shin, Kenda earnings to grow fast in 1Q 2012

International News

Taiwan-based tyre makers including Cheng Shin Rubber Ind. Co. and Kenda Rubber Industrial Co., are expected to see substantial growth in earnings in the first quarter of 2012 due to declines in raw material prices, particularly natural rubber. Furthermore, according to Taiwan Economic News, the European sovereign debt crisis means tyre manufacturers have slashed inventories to get rid of the risk in the prices of stocked goods.

21st December 2011/by Tyrepress Editors

Maxxis: SEMA stand was a hit

Maxxis has declared its presence at this year's SEMA show, which ran from 1 – 4 November, as “a hit.” According to the company, Maxxis was “a standout among SEMA’s 2,100 plus exhibitors, offering hot new tyres for road racing, crossover vehicles, SUVs and light trucks.” The company hosted at 2,500 square foot indoor booth and in addition visitors to the Maxxis support rig enjoyed a close up view of racing vehicles around, including Johnny Greaves’ Class 1 desert car. Some of Maxxis’ most popular sponsored drivers dropped by as well, including Greaves, Brian Deegan, Steve Barlow, Dan Vanden Heuvel, Randy Eller and Ken Blume.

17th November 2011/by Tyrepress Editors

Maxxis plans to improve range accessibility

Following the news that Maxxis has ended its exclusive relationship with Grouptyre, and with everything pointing to the likelihood that a new distributor will soon be announced, the company has announced how it intends to make a much broader range of its car, van and 4×4 tyres available.

According to a statement released by the company, while continuing to develop its profile and grow its share of the UK tyre market, Maxxis plans to ensure that its product portfolio is readily accessible to retailers across the whole of the UK.

7th September 2011/by Tyrepress Editors

Maxxis rewards leading retailers with Shanghai trip

International News, News

Maxxis International thanked its top 18 performing retailers of 2010 – the winners of the top prize in the Maxxis Rewards programme – by taking them on a seven-day, all expenses paid trip to China. A mix of culture and business, the visit combined sightseeing visits to major attractions in Shanghai, Hangzhou and Shuzhou with a tour of the Maxxis factory in Kunshan.

15th February 2011/by Tyrepress Editors

Chinese Auto Production Rose by Nearly a Third in 2010

Statistics released by the China Association of Automobile Manufacturers state that the country produced 18,264,700 units in 2010, an increase of 32.44 per cent on 2009.

24th January 2011/by Tyrepress Editors

Investments Signal Maxxis’ Competitive Intentions

International News, News

When financial analysts said that 2009 was a “banner year” for Cheng Shin Rubber Ind. Co., Ltd. in a report published back in May, the market watchers weren’t overstating the facts. But in 2010, when the 2009 results were made public, the Taiwan-based tyre manufacturer which is responsible for the Maxxis brand and Maxxis International companies, announced plans for two new factories, an international standard proving ground and some high profile OE contracts. It was also the year that saw the company move into 10th place in Tyres & Accessories’ annual ranking of tyre manufacturing companies. With all this in mind T&A recently visited Cheng Shin/Maxxis’ Kunshan tyre production plant near Shanghai, China and asked if 2010 was the real breakthrough for Maxxis? And if so what happens next?

7th January 2011/by Tyrepress Editors

Maxxis Marks Ten Years of British Motocross Sponsorship

Recently Maxxis announced its continuation as headline sponsor of the ACU British Motocross Championship by signing up for the 2011 to 2013 seasons. To mark a decade of commitment to the series – the tyre maker first served as sponsor in 2001 – Maxxis has decided to take stock of how its presence in the motorcycle sector has grown over the years.

13th December 2010/by Tyrepress Editors

Maxxis Presents Supplier Award to ExxonMobil

Maxxis has honoured its three decade long relationship with ExxonMobil Chemical (EMC) by naming it as a Best Supplier. Maxxis has purchased butyl products, used in the manufacture of its tyres, from ExxonMobil Chemical for more than 35 years and the award recognises the two companies’ history of joint technology development as well as EMC’s leading–edge technology and advanced technical support.

4th August 2010/by Tyrepress Editors

Analysts Raise Conti Earnings Estimate 20%

Analysts at Deutsche Bank has upgraded Continental AG’s stock rating to “buy” after raising its earnings per share (EPS) estimates by more than 20 per cent for 2010 and 2011. According to the analysts the revision is entirely attributable to better volumes: “With car production in the second quarter close to the first quarter, our new second quarter adjusted EBIT estimate is 540 million (versus 400 million euros previously) and our full year adjusted EBIT is upgraded by 13 per cent to 1.87 billion euros (consensus: 1.75 billion).” Writing in an investor’s note published on 11 June, the analysts explained that this corresponds to an EBIT margin of 8.1 per cent and to an adjusted EPS of 3.9 euros, 8 per cent above consensus.

11th June 2010/by Tyrepress Editors

Cheng Shin to Build New Taiwan Plant

Sources reported by China Knowledge indicate that Taiwan based Cheng Shin Rubber will invest NT$12 billion (£223.5 million) establishing a new tyre manufacturing facility in its home market. Construction work on the new plant is expected to get underway in June 2010 and be completed a year later. According to a company financial executive the facility will hold an initial capacity of 14,000 passenger car tyres and 3,000 truck and bus tyres; output from the new site will help raise Chen Shin’s passenger car tyre production capacity by 10 to 15 per cent.

24th November 2009/by Tyrepress Editors

Plants Expanding, Cheng Shin Gets OE With Geely

Taiwan’s Cheng Shin Rubber Industry Co. will supply OE tyres to China’s Geely Automobile Holdings.

The tyremaker also plans to invest $300 million to expand its production capacity in China, Thailand, Vietnam and Taiwan, according to company officials.

In August, Cheng Shin Rubber agreed to buy Toyo Tire & Rubber Co.’s share in its joint venture tyre plants in China. (Tire Review)

10th November 2009/by Tyrepress Editors

Toyo to Cease Supplying US Market from China

Following the Obama administration’s decision on Chinese tyre imports, Toyo Tire & Rubber has announced it will soon stop producing passenger car and light commercial vehicle tyres for the US market in China. "Most of those tyres will soon be manufactured at our plants in Japan," the company said in a statement. "Our number one priority is customer satisfaction, and we are making every effort to minimise disruption in supplies to our dealers by expediting these production changes."

28th September 2009/by Tyrepress Editors

Lanxess and Cheng Shin Sign Long-Term Supply Agreement

The Performance Butadiene Rubbers business unit belonging to Lanxess AG and Taiwanese tyre manufacturer Cheng Shin Rubber have put their cooperation on a firm footing with the conclusion of a long-term supply agreement. Over the next four years Lanxess will supply solution SBR and polybutadiene rubber to Cheng Shin, and the company plans to nearly double the volume of high-performance rubber it supplies over this period.

5th November 2008/by Tyrepress Editors

Maxxis Vietnam Factory’s Output to Increase to 16,000 Tyres Daily

Opened in July last year Cheng Shin Rubber Vietnam Ind. Co. Ltd – the Maxxis factory located in Dong Nai Province, Vietnam – has announced plans to increase its daily capacity to 16,000 tyres. The 200,000 square metre manufacturing plant’s current capacity is 8,000 motorcycle tyres a day, with this figure set to double by the end of 2008. The facility, which employs 265 people and commenced production in February 2007, supplies mainly to the Vietnamese replacement market, with some export sales to other south-east Asian countries. Having developed its position in the region’s aftermarket business, Maxxis is reportedly targeting the domestic OE sector in Vietnam and the surrounding Asian countries.

27th March 2008/by Tyrepress Editors