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The tyre business along with the rest of the automotive industry was hit hard by the effects of coronavirus. This tag brings you the latest news as it happens.

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No 2019 dividend, updated 2020 guidance: Pirelli strives to mitigate COVID-19 impact

Pirelli

The Board of Directors of Pirelli met last Friday to take stock of the COVID-19 crisis and its detrimental effect upon global economic outlook. During the meeting, they decided the scenario that forms the basis of the 2020-2022 Industrial Plan, which Pirelli presented on 19 February, no longer applies. The Board has therefore decided to reformulate Pirelli’s targets for 2020 “in light of the elements available today” and has also cancelled the distribution of dividends for 2019 for the time being and revised its 2020 renumeration policy.

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Related news:

  1. Francesco Gori appointed as Apollo Tyres advisor for strategy
  2. Goodyear defers dividend as volumes drop 18% in Q1 2020
  3. Tyre demand declining 15 to 26 per cent in 2020
  4. Pirelli UK tyre production restarts from 18 May
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Michelin managing partners take 25% pay cut

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Michelin’s managing partners, the executive committee as well as the chairman and independent members of the supervisory board have agreed to reduce their remuneration. The announcement comes in the context of the coronavirus crisis that has caused a noticeable slowdown in the activities of the Michelin Group and which has led to some employees having to undergo partial unemploym

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Related news:

  1. The Tire Cologne: Cooper, Toyo no longer exhibiting
  2. Nokian Tyres consulting on up to 90-day factory lay-offs
  3. Michelin resuming activity ‘gradually’
  4. Conti CEO warns staff of job cuts
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Omni United sending 20,000 masks to UK, Italy and Germany

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Singapore-based tyre designer and distributor Omni United has enacted a Covid-19 Assistance initiative, which includes sending over 20,000 protective masks to its business partners in Europe for them to use and/or distribute in their local communities. The team at Omni United is also researching and compiling a database of all governmental financial and fiscal help that is available and some guidance on how to access it as many small business owners may find it difficult to find the information and the practical ways to avail these benefits.

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  1. Fintyre to open London head office
  2. Have the truck tyre import tariffs ‘worked’?
  3. Toyo partnering Tough Mudder in Italy
  4. BBS waging war against brand pirates
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Coronavirus stunts Nokian Tyres’ dividend – for now

Nokian Tyres has announced a dividend of 0.79 euros per share for the 2019 financial year, paypayble 17 April 2020. In addition, the company’s Board of Directors is authorised to approve an additional dividend payment of up to 0.79 euros per share “at a later stage when Nokian Tyres is able to make a more reliable estimate on the impacts of the COVID-19 to the company’s business.” This authorisation is valid until the company’s next Annual General Meeting.

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Related news:

  1. Nokian announces €1.45 per share dividend for 2013
  2. Nokian Tyres consulting on up to 90-day factory lay-offs
  3. Nokian Tyres adjusting output in Russia, freezes hiring at new USA plant
  4. Nokian Tyres withdraws financial guidance for 2020
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Automechanika Dubai postponed to October

Automechanika Dubai postponed

The 18th edition of Automechanika Dubai, which was scheduled to run from 7-9 June 2020, will now take place from 19-21 October 2020 at the Dubai World Trade Centre. The postponement comes in response to the Covid-19 pandemic, as containment measures restrict movement across international borders, and impact the global economy.

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Related news:

  1. Davanti displays expanded range, including new A/T tyre at Automechanika Dubai
  2. Zafco launches Zeetex Value for Money tyre range at Automechanika Dubai
  3. Automechanika Dubai 2018 opens with 1,812 exhibitors from 61 countries
  4. Automechanika Frankfurt postponed till 2021
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Michelin reducing 2019 dividend to €2

Michelin intends to reduce the dividend it pays shareholders for 2019. The tyre maker has outlined its decision, taken “in a commitment to optimally balance the interests of all its stakeholders”, to reduce the amount of the proposed dividend from the initially-announced 3.85 euros to 2 euros. Payment is scheduled for 3 July 2020.

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Related news:

  1. Michelin shareholders approve Menegaux, Chapot appointments
  2. Goodyear breaks through financial quagmire, reinstates dividend
  3. Michelin producing surgical masks in 10 European plants
  4. Michelin issues tyre advice for truck fleets facing extended lay up
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Motor Ombudsman upgrades knowledge base to include Covid-19

The Motor Ombudsman upgrades Knowledge Base with new Coronavirus category

The Motor Ombudsman has upgraded its online Knowledge Base with the introduction of a new category on the Coronavirus (COVID-19). It has been designed to help consumers answer frequently asked queries on car ownership, vehicle maintenance and dispute resolution, following the latest government measures which have recently been implemented in the UK.

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Related news:

  1. NTDA: Tyre retailers, garages are “essential” during lockdown
  2. Independent garages more valued since start of coronavirus crisis
  3. More than half of UK garages closed, similar figures across Europe
  4. Garage reopening best-practice issued by GEA, SMMT
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Coronavirus making its presence felt in rubber markets

Growers, suppliers and manufacturers of both natural and synthetic rubbers are feeling the impact of the COVID-19 pandemic, with demand for both commodities decreasing significantly in the first quarter of 2020.

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Related news:

  1. Asian Latex Conference and India Rubber Summit & Dinner 2015 held
  2. Taiwan-based tyre manufacturers raising prices
  3. IRSG: World rubber demand to rise 2.5% in 2019
  4. Global natural rubber production to fall 4.7% in 2020
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Lamborghini producing surgical masks and medical shields

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Lamborghini Masks

Lamborghini is converting part of its production plant in Sant’Agata Bolognese in order to produce surgical masks and protective medical shields for the Sant’Orsola-Malpighi Hospital in Bologna, which is involved in the fight against the Covid-19 pandemic, in collaboration with the University of Bologna. The Department of Medical and Surgical Sciences will oversee validation testing of the medical devices made by Lamborghini, prior to their delivery to the hospital.

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Related news:

  1. Ferrari and Lamborghini back in production
  2. Michelin temporarily closes some European factories, car tyre demand down 9%
  3. Italian auto suppliers ‘at risk’ if supply chain remains closed – Brembo chairman
  4. Brembo Italian brake manufacturing operations reopen
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Nexion Group extends suspension of work until 5 April

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The Nexion Group, best known as the manufacturer of the Corghi brand of garage equipment, has extended the suspension of work in its Italian factories and offices for a second week, up to 5 April. The decision comes in compliance with the Italian government’s 25 March decree, implementing “urgent measures to deal with the epidemiological emergency from COVID-19.”

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Related news:

  1. Corghi garage equipment manufacturer Nexion Group confirms Covid-19 shutdown
  2. Private equity firm makes “significant minority investment” in Nexion
  3. Corghi offers upgraded wheel balancers
  4. Goodyear suspends European tyre production in response to Covid-19
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Continental withdraws outlook for ‘uncertain’ 2020

The entire automotive industry has been impacted by the coronavirus pandemic, and companies are taking steps to ensure their survival. Continental has provided an update on the latest measures being implemented, including reduced working hours and displays of executive solidarity. It has also buried its outlook for 2020.

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Related news:

  1. Conti: Corona bridge concept will save jobs
  2. Revisiting the past for a better future – Continental looks at Nazi era activities
  3. Continental discussing ‘need for action’ with employee representatives
  4. Bridgestone temporarily closes, slows tyre production at European factories
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Vredestein boosts UK agricultural tyre stock holding

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Apollo Vredestein says it has increased its stock holding of Vredestein agricultural tyres in the UK in order to meet strong demand. The company’s sales functions remain in operation and its distribution channel, ATL, continues to deliver the agricultural tyres which are considered an essential element for the country’s food chain supply.

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Related news:

  1. Apollo Vredestein ‘scaling back’ European production
  2. Strong focus on agriculture during Covid-19 lockdown – Apollo Vredestein
  3. DLG certification for Vredestein Traxion+ and TraxionXXL
  4. Be quiet: Vredestein Traxion 65 promises lower in-cabin noise
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Rosava suspends production until 24 April

Ukranian tyre maker Rosava has temporarily stopped production at both its production sites as part of efforts to curb the spread of the coronavirus. It intends to halt production until 24 April. The company says shipments of products will continue from its warehouses as orders are received.

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Related news:

  1. New VMI equipment boosts Rosava’s tyre portfolio
  2. Rosava installs new equipment, raising agri tyre production
  3. Bridgestone temporarily closes, slows tyre production at European factories
  4. Apollo Tyres suspends production at four plants in India
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