Nokian Tyres achieved higher sales in the first half of 2024 but continued to struggle with lower operating profit. The company nonetheless looks forward to capitalising on expected higher tyre sell-in later in the year and anticipates “strong profits”.
Nokian Tyres has introduced the Ground King Loader, a tyre designed to handle diverse terrains ranging from soft mud to hard surfaces with ease. This new wheel loader tyre features Nokian Tyres’ proprietary Hybrilug technology, ensuring comfortable and quiet driving, enhanced productivity, and predictable handling for agile loader operations.
Nokian Heavy Tyres Ltd. has completed negotiations concerning the employees at its factory in Nokia, Finland. The negotiating parties have agreed that all employees at the Nokian Heavy Tyres plant in Nokia, around 160 people in total, can be temporary laid off for a maximum period of 90 days per person.
Matias Salonen, product manager at Nokian Tyres, sheds light on a critical aspect often overlooked in heavy-duty machinery: the importance of selecting the appropriate wheel to complement your off-highway tyre. While it may seem like a straightforward task, Salonen emphasises that not every wheel fits a particular tyre, and understanding why the choice of heavy-duty wheels matters is paramount for ensuring optimal performance of the complete wheel assembly.
Nokian Tyres reports that its latest generation summer and all-season tyres for European markets have passed comparison testing conducted by TÜV SÜD. The tyre maker commissioned TÜV SÜD to carry out independent tests on three key models: Nokian Tyres Seasonproof 1 for all-season use, and the summer variants Nokian Tyres Powerproof 1 and Nokian Tyres Wetproof 1. Each tyre underwent comprehensive assessments against four competitor tyre brands at TÜV SÜD Automotive’s independent wheel and tyre technology centre in Europe.
Nokian Tyres has released its financial results for the first quarter of 2024, showcasing a resilient performance despite several challenges. The company reported net sales of 236.6 million euros for the period spanning January to March 2024, largely unchanged from the 236.4 million euros in the same period last year. When adjusted for comparable currencies, net sales saw a modest increase of 1.4 per cent.
At the end of January, the European Commission (EC) announced that it is had begun conducting “unannounced inspections” – commonly known as dawn raids – at the European offices of the world’s leading tyremakers. The investigation intends to find out whether or not “the inspected companies may have violated EU antitrust rules that prohibit cartels and restrictive business practices”. In the days immediately after that news broke, it quickly became apparent that (in alphabetical order) Bridgestone, Continental, Goodyear, Michelin, Nokian and Pirelli all received those visits. All the above companies issued statements denying the allegations and confirming that they are cooperation with the authorities. The EC’s announcement was short on detail and the investigated tyremakers are being understandably tight-lipped about the whole thing, which leaves significant questions about what the grounds for such an investigation were in the first place.
Nokian Tyres has published its Sustainability Report 2023. This document, which has been prepared in accordance with the GRI Standards and is assured by an independent third party, describes Nokian Tyres’ sustainability actions and results in 2023 in terms of product liability and safety as well as environmental and social responsibility.
The Board of Directors at Nokian Tyres has initiated the process of finding a successor for Jukka Moisio, who intends to retire from his position as President and Chief Executive Officer during 2024. Nokian Tyres issued a statement yesterday confirming this upcoming change to its management, but did not name the exact date he would leave the company.
Days after the European Commission announced that it is investigating a number of leading tyre manufacturers in relation to allegations of price-fixing, the same companies have become the subject of a similar class-action lawsuit in the USA. The class action relates to “…purchases of tyres within four years prior to the filing” – which clearly relates to a potentially enormous number of tyres. The case basically alleges that the named tyremakers colluded to raise and sustain higher tyre prices and that such action was at least partly facilitated via public communications. The named tyremakers have all already denied price fixing and stated their compliance with the law and their cooperation with investigations in relation the EC investigation.
Nokian Tyres says it has “improved” its all-season Noktop 21 truck tyre. The drive-axle pattern gains a new look and new features for 2024 while retaining its “time-proven” rubber compound, tread pattern and two-layer cap/base structure. Nokian Tyres Noktop 21 now comes in a broader width range of 240–280 mm and has added stud holes for every width, clear product markings for identification as well as the 3PMSF marking as proof of safe winter use.
The share prices of Bridgestone, Continental, Goodyear, Michelin, Nokian and Pirelli were down by an average of 2.35 per cent following the news that the European Commission has started an antitrust investigation within the European Union.
Unannounced inspections, investigations, visits, raids. Whatever you call them, having the European Commission come knocking uninvited is not how any tyre manufacturer wants to start 2024. Nevertheless, that is exactly what happened at the tail-end of January across “several member states” within the European Union.
Following the news that the European Commission has opened a price-fixing investigation across “several member states”, Michelin has officially confirmed that it too has been investigated as part of EC antitrust case. Nokian, Goodyear, Continental, Pirelli and Bridgestone have also been investigated as part of the EC case.
Following the news that the European Commission is investigating tyre manufacturers across Europe for anti-competitive practices, we now know that at least Nokian, Continental and now Goodyear have been visited.
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