Capacity expansion: TVS Srichakra signs MoU
Tyre maker TVS Srichakra has signed a Memorandum of Understanding with the government of India’s Tamil Nadu state in order to facilitate the investment to expand capacities at its plant in Madurai.
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Bridgestone invests in Next Logistics Japan
Bridgestone Corporation has invested in NEXT Logistics Japan, a company established by truck manufacturer Hino Motors in 2018 to explore new technologies and solutions for the logistics industry. The new investor will work together with NEXT Logistics Japan on a new long-distance transportation scheme that aims to reduce the number of drivers required for road haulage.
Goodyear invests further in autonomous mobility
Goodyear has invested in a further autonomous vehicle firm through its Goodyear Ventures venture capital fund. The latest business to join Goodyear Venture’s growing investment portfolio is TuSimple, a global autonomous trucking technology company that operates self-driving trucks out of its facilities in the USA, Europe, China and Japan.
Goodyear invests in autonomous delivery service provider
Goodyear Ventures, the venture capital arm of Goodyear Tire & Rubber, has added Starship Technologies to its investment portfolio. Goodyear Ventures joins multiple investors helping to raise US$17 million for the autonomous delivery company.
Linglong Serbia amongst Chinese projects under EU scrutiny
European UnionOn 19 January 2021, 26 Members of the European Parliament wrote to Oliver Várhelyi, the European Commissioner for Neighbourhood and Enlargement Negotiations about concerns relating to “growing Chinese influence in Serbia and the impending environmental damage resulting from several heavy industrial projects in Serbia by Chinese owned companies”. The group are particularly interested in scrutinising Serbia’s apparently “generous” subsidies and environmental compliance protocols.
Vietnam Rubber Group to expand tyre and tube production
Vietnam Rubber Group says it achieved its revenue and profit targets for 2020, reporting profit of VNĐ5 trillion (roughly US$200 million) on sales of VNĐ25.477 trillion ($1 billion), according to the Vietnam News Agency. As a result of these figures, the company reports that its goals include restructuring and increased investment in the rubber sector with possible mergers that would help close the rubber tyre and tube products value chain.
$250 million Ferentino tyre factory opens in Sri Lanka
Ferentino; FacebookFerentino Tyre Corporation’s Horana, Sri Lanka tyre factory was officially opened by Sri Lankan president Gotabhaya Rajapaksa on 14 January 2021. The facility was constructed with an investment of US$250 million and can reportedly produce 2.4 million tyres annually. Tyres made at the Ferentino factory will cross a number of sectors including radial car, SUV, bicycle and even three-wheelers. These include a “Mythos” product line reminiscent of the Marangoni passenger car tyre range previously produced in the same place (see below). Of the 2.4 million tyres produced annually at the Ferentino factory in this phase, 80 per cent are destined for export markets. A second phase is scheduled to be completed in March 2022.
Plant closure: Council wants Bridgestone to return investment
Last September, Bridgestone announced it would close its tyre production facility in Béthune, France during in 2021. The municipal council of Béthune-Bruay now claims the tyre maker didn’t fully honour the commitments it agreed to back in 2007, when the municipality contributed towards a 32-million-euro investment in the plant. It is therefore demanding that Bridgestone returns the subsidies it invested.
Chinese wheelmaker opens second production line in Morocco
Moroccan Department of IndustryAluminium casting and automotive parts specialist, Citic Dicastal kicked off production at its second aluminium wheel factory in Morocco at the end of December 2020. With a budget of 350 million euros, the Chinese wheelmaker aims to double its capacity in Morocco to 6 million wheels and create a total of 1,250 jobs. According to local news reports, the Dicastal-made wheels are destined for vehicles made by the French OEM PSA Group as well as exports.
Invest in UK battery production or risk 800,000 jobs – InoBat vice-chairman
InoBatDr Andy Palmer, former CEO of Aston Martin, and non-executive vice chairman of InoBat Auto, a European electric vehicle battery producer, is calling on the UK Government to stimulate investment into domestic EV Battery Production.
Britishvolt to build UK’s 1st battery gigaplant in Blyth, Northumberland
Despite signing an MoU regarding a similar project in Wales in July, Britishvolt has appointed a construction company (ISG) to build a new gigaplant in Blyth, Northumberland, with construction planned to commence in Summer 2021. The result of £2.6 billion investment, it will begin producing lithium-ion batteries for the automotive and renewable energy industries at the end of 2023. Construction of further phases will continue until the end of 2027.
TVS Srichakra doubling off-highway tyre capacity
TVS Srichakra Ltd., the two- and three-wheeler as well as off-highway tyre manufacturer, is planning a 10 billion rupee (£102 million; 112 million euro; US$135 million) investment programme. According to the company, the investment will increase two- and three-wheeler tyre production capacity by 25-30 per cent and double of off-highway tyre capacity from current levels.
Pirelli transforming former Ceat factory site into new warehousing centre
Google CNES/Airbus, Mazar TechnologiesPirelli is constructing a new tyre warehouse to serve its industrial hub at Settimo Torinese in partnership with BGO Logistic Fund 1, which is backed by investment from BentallGreenOak and managed by Kervis SGR SpA, with GSE Italis acting as general contractor. The project will redevelop the industrial area where the Ceat factory once stood near Pirelli’s industrial hub with a view to creating “greater efficiency and environmental benefits”. The project is scheduled to be completed in 2021.
Fintyre bidder Springwater’s offer includes 50 million euro capital increase
The Springwater Capital financial group has made a binding offer for Fintyre, which is currently controlled by Bain Capital. No details have officially been released, but some Italian news sources are reporting that the Springwater offer includes a capital increase of 50 million euros. The company has been in talks with potential new investors since May.
Toyo Serbia factory receives approval for 41 million euro subsidy
Following the news that the Japanese tyremaker has received free land as part of the state support package for its Serbia tyre plant, the country’s state aid commission has approved the allocation of 41 million euros ($48.7 million) in government financing to Toyo to support the construction of the new factory in Indjija, northern Serbia.
