Founded in 1898 by Frank Seiberling, The Goodyear Tire & Rubber Company is an American multinational tyre manufacturing company based in Akron, Ohio. It is one of the oldest, biggest and best-known tyremakers in the world. Goodyear makes tyres for automobiles, commercial trucks, light trucks, motorcycles, SUVs, racing cars, aeroplanes, farm equipment and heavy earth-mover machinery. Find all the news and analysis you need relating to Goodyear here.
The Goodyear Tire & Rubber Company’s fell share price fell 20 per cent when markets opened on 3 August 2023. The sharp fall to around $12.30 represents the lowest point since investor Elliott called for largescale strategic and board composition changes on 11 May 2023. At the time of going to press, Goodyear’s share price was showing signs of recovery and trading at around $13.15.
Today isn’t 1 April and no legs were pulled during the writing of the above headline. Swiss motoring magazine auto-illustrierte has published a tyre test – and every single protagonist is a Goodyear tyre. Who stood where on the podium is nonetheless interesting.
The Goodyear Tire & Rubber Company has reported a second quarter 2023 net loss of $208 million compared to net income of $166 million a year ago. According to executives, the sharp drop was primarily due to lower sales volume and higher “other expense”, driven by lower net gains on asset sales and higher pension costs.
Goodyear lost $19 million in the EMEA region in the second quarter of 2023, with segment operating income down $71 million or 136.5 per cent compared with the $52 million operating income achieved at the same point in 2022.
Cooper Tires has entered into partnerships in the United Kingdom with Wiltshire Air Ambulance and Woodhead Mountain Rescue Team in Yorkshire. Each provides first-response assistance, and Cooper says it is supplying tyres to these organisations to fit vehicles such as the Volvo XC90, BMW X5 or Land Rover Discovery 5 to provide the grip, versatility and durability needed.
The open letter that Elliott Investment Management L.P. sent to The Goodyear Tire & Rubber Company on 11 May 2023 was met with a promise to review the shareholder’s recommendations, which included the initiation of an operational review and the appointment of “five new highly qualified independent directors.” While Goodyear hasn’t met this wish list in its entirety, today the company announced three additions to its Board of Directors in connection with a cooperation agreement with Elliott.
Earlier this month, European broadcaster Arte screened a documentary about a series of accidents involving heavy trucks. Titled ‘Sophie Rollet Takes On Goodyear’, the French documentary looks at the possible connection between these accidents and tyre failure. It is available to watch with English subtitles in the Arte archive.
TÜV SÜD and Goodyear have integrated the Goodyear CheckPoint solution into the TÜV SÜD Digital Vehicle Scan (DVS) inspection system. The system uses advanced sensor technology to elevate vehicle safety and performance, making the vehicle acceptance and return process more efficient. The testing organisation says the DVS enables accurate diagnosis and timely maintenance recommendations, which can improve overall safety and efficiency. The Goodyear CheckPoint drive-over tyre inspection system reads tyre condition and vehicle parameters, sending actionable insights to fleet managers. It streamlines tyre pressure and tread depth inspection by providing automated inspections completed within seconds.
This year Goodyear will add a total of 24 new sizes to its various Cargo tyre lines for light commercial vehicles, strengthening its premium LCV offering in a market where it anticipates 4.2 per cent growth by 2028. Additions to the EfficientGrip Cargo 2, Vector 4Seasons Cargo and UltraGrip Cargo will boost market coverage across the Goodyear summer, all-season and winter LCV tyre portfolio to up to 89 per cent, making the range one of the most complete in the market.
Goodyear’s recent Sustainable Reality Survey has shown that UK fleets are more focused on sustainability than their European counterparts, with higher-than-average knowledge and application of sustainable solutions, including fuel-efficient tyres. Goodyear surveyed more than 1,400 fleets from 33 countries, asking about their current efforts and targets for the future. It found that 93 per cent of UK fleets are committed to sustainability goals, compared to the European average of 83 per cent. The UK industry is also in a position of strength when it comes to investing in sustainable solutions, including fuel-efficient tyres, telematics and driver training. The full report on Goodyear’s survey is available from the manufacturer’s website.
Goodyear aims for its integrated fleet solution to play an instrumental role in helping customers achieve their sustainability targets, and anyone wishing to learn more can do so next week: The Goodyear Drive Results showroom is set to showcase Goodyear Total Mobility to UK and Irish customers on 6 and 7 July.
Opposition is building against planned job cuts at the Goodyear plant in Fulda, Germany. The tyre maker announced at the start of June that it would cut about half of the current 1,150 jobs at the Fulda site, and the local Goodyear works council has now invited the workforce in Fulda and other Goodyear sites in Germany to demonstrate against the job cuts in front of the factory gate next Monday afternoon. A non-public works meeting is also scheduled to take place within the plant that day, as employee union IGBCE writes in a recent press release in which it threatens Goodyear with a “fight”.
The Goodyear Tire & Rubber Company has released its report on corporate responsibility performance for 2022, a document that details the company’s efforts to create value for its internal and external stakeholders by integrating sustainability throughout its business. The report also highlights the progress Goodyear is making toward achieving its short- and long-term sustainability goals.
Goodyear has developed a bespoke version of its ultra-ultra high performance Eagle F1 Supersport tyre for the different versions of the Maserati GranTurismo. The car will be available with a V6 twin-turbo configuration with two different levels of performance. The tyres have been tuned to suit the characteristics of the new Maserati models and carry MGT markings to show that they have been specifically developed for the Italian brand.
There are many changes in our latest leading tyre manufacturers ranking. The 2023 table, which lists the world’s leading tyre companies according to their full-year 2022 financial results, particularly highlights the shifts that have taken place this year in the second half of the top 20. Meanwhile, the top nine tyremakers appear to be an increasingly stable group. Between places nine and 10, there is still a gap of some 1 billion euros, something that is clearly hard to overcome for newcomers. However, as insurmountable as it appears, the gap is obviously narrowing.
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