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Nexen to Invest 1 Trillion Won in New South Korea Factory

Nexen Tire is planning to invest 1 trillion won (£526 million; 572 million euros; $829 million) in a new factory in South Korea. The move is seen as a way of ramping up production in anticipation of a 6 per cent annual growth of global tyre demand. The new plant, which will be located in Gyeongnam Province, southeast of Seoul, would be the world's largest to produce tyres for passenger vehicles and light trucks, according to the company. The investment, which is scheduled to be made by 2017, will double the company’s existing annual output from its other China and South Korea plants to 60 million units and place it among the world's top 10 tyre makers, the company said in a statement.

Nexen shares rose 1.35 per cent to 6,020 won by 0248 GMT 28 September 2009 following the news.

28th September 2009/by Tyrepress Editors

6% Rise in August Registrations Could Help Korean Tyre Manufacturers

The latest SMMT figures reveal there was 6 per cent rise in new car registrations in August 2009, with the monthly total growing to 67,006 units. The second successive month of growth in new car registrations is widely attributed to the success of the government’s scrappage initiative, with August’s figures building on on a 2.4 per cent gain in July. As you might expect in light of the scrappage scheme, private purchases of small cars grew particularly strongly with this type of sale accounting for 35,694 (53.3 per cent) of August’s sales, compared to 23,717 (37.5 per cent). However, the recent growth disguises the fact that sales are still 15 per cent off the 78,800 total monthly market average between 1999 and 2008.

Ford and Vauxhall continued to dominate sales in August, however it is the surprise success of the Korean car manufacturers that has the potential to re-shape the UK car parc. And as these car manufacturers are almost exclusively supplied by Korean tyre makers, there is also likely to be a positive effect on Korean tyre sales in the UK.

4th September 2009/by Tyrepress Editors

Automechanika 2010 ‘Defies the Crisis’

The promoter of Automechanika 2010 reports that this year’s fair is defying the crisis. The number of registrations received for the exhibition to date has exceeded all expectations, reports Messe Frankfurt. With still over a year to go, registrations have been received for a significantly greater exhibition space – altogether more than 100,000 square metres – than at the comparable time before the last event.

19th August 2009/by Tyrepress Editors

Analysts say Euro Auto Industry up 5%

An analyst’s note from Deutsche Bank suggests that vehicle registrations across Europe could be rising for the second month in succession. Conversations with the industry have led the analyst to predict a rise of 5 per cent, with particular strength in Germany (up 35 per cent) and Italy (up 14 per cent. The UK (+2 per cent) and France (no change) have remained steady, while the other country to have initiated sales through scrappage schemes, Spain is down 14 per cent. The not concludes that Deutsche Bank expects the market to be 3 per cent lower in quarters three and four in 2009, following a 3 per cent decline in quarter two and a 16 per cent drop in quarter one.

21st July 2009/by Tyrepress Editors

New Car Market Begins to Pick Up

The market for new passenger cars in Europe (EU27 and EFTA markets) displayed a modest increase of 2.4 per cent to 1,461,859 units in June on the back of scrappage incentive schemes in operation in more than ten EU Member States. June’s figures represent the first market increase in 14 months. Accumulative figures for the first half of 2009 show an 11 per cent drop in European new car registrations compared to the same period in 2008, with a total of 7,425,762 new cars registered compared to 8,346,828 the year before.

15th July 2009/by Tyrepress Editors

“Bangers for Cash” Slows Falling UK Car Sales

While it seems that nothing short of a miraculous jump in car sales would persuade some that the UK government’s scrappage scheme could be described as a success, June’s new car registrations have shown that there has at least been some positive impact from the action taken, with the figure continuing to fall, but at its lowest rate in 12 months. 176,264 new cars were registered in the month, meaning a fall of 15.7 per cent in comparison with last year’s sixth month; a figure which may leave some perplexed as to why this is such a positive sign. However, there is a strong case for adding the word “only” to the beginning of that figure, seeing as this is the lowest dip into negative figures since July 2008 and that year-to-date demand has fallen proportionally two-thirds as much again, at 25.9 per cent. Therefore it would be churlish to say the scheme has had negligible impact, especially since this slowing of the downward spiral has taken into account only the first few weeks of the scheme’s inception.

6th July 2009/by Tyrepress Editors

Hankook Scottish Rally Championship 2009 Gets off to ‘Gripping Start’

Organisers of the Hankook Scottish Rally Championship are celebrating a successful start to the season with registrations reportedly running well ahead of 2008. Despite the tough economic conditions and falling registrations elsewhere in the UK, the series continues to attract some of the country’s top rally teams. With two rounds now complete, the championship has already attracted over 200 registrations, almost 10 per cent up on the same time last year and calls to the organisers suggest this number could climb still higher as the series heads to Aberdeen for the Granite City Rally in April.

The series, which is sponsored by Hankook, is proving increasingly popular with junior drivers, and competitors outside Scotland who have been attracted by the package being offered by the SRC as well as to Scottish crews. Launched in Glasgow last year by Scottish rally legend Jimmy McRae, the series includes eight classic rallies from February to October, throughout the length and breadth of Scotland.

15th April 2009/by Tyrepress Editors

‘9’ Proving a Lucky Number for CITExpo

In China much significance is attached to numbers, and nine is considered the luckiest of all single-digit numerals. So September 9, 2009, or 09-09-09, is not only an easy to remember date, it is also a very fortuitous one. The organiser of the CITExpo exhibition in Shanghai, Reliable International Exhibition Services, certainly hopes this will prove to be the case – this year the tyre show opens on this date.

So far so good: According to Reliable International Exhibition Services, exhibitor registrations for the seventh edition of CITExpo are continuing to keep pace with expectations and are not showing signs of being affected by the recent crisis. Although worldwide demand for tyre related products has declined since last year, both returning and new CITExpo exhibitors have, says Reliable, expressed a desire in meeting potential buyers at the exhibition and see this as a way of avoiding the affects of shrinking market demand. As of March, 70 per cent of floor space had already been booked by more than 200 exhibitors, a more than at this time last year.

2nd April 2009/by Tyrepress Editors

European Car Sales Point to Success of Scrappage Schemes

A number of European car markets are fairing better on the back of cash incentives given for the scrapping of old vehicles when purchasing a new one. Governments in Germany, France, Italy and Spain are offering have already commenced such programmes, and the results so far are positive: In Germany, more than 848,000 people have signed up for the country’s “Abwrackprämie”, or scrapping premium with February car sales increasing 21 per cent, and in March French car registrations rose 8.1 per cent year-on-year to 204,095.

2nd April 2009/by Tyrepress Editors

Depressing Start to 2009 UK Car Market

Figures for January UK car sales, released by the SMMT, make gloomy reading; new registrations were 30.9 per cent down to 112,087 units. And the outlook is equally bleak, with the SMMT predicting a decline in 2009 of over 19 per cent to 1.72 million units. This is 410,000 fewer than 2008 and 685,000 units less than 2007.

SMMT chief executive called on the Government to take steps to stimulate demand, saying: “A number of EU member states have launched scrappage incentive schemes, which have the benefit of boosting consumer confidence and delivering significant environmental improvements. The UK motor industry is urging UK Government to introduce a similar scheme and help sustain jobs and businesses throughout the sector.”

5th February 2009/by Tyrepress Editors

European New Car Sales Fell 8% in 2008

Western European new car registrations fell 8 per cent in 2008, while the monthly figure for December plummeted 19 per cent. According to the European car makers’ association, ACEA, this is the sharpest annual fall since 1993. However, according to market analysts, the fact that there were two extra selling days in 2008 means that when 2007 and 2008 are compared like-with-like the results are actually worse than those published.

The UK market was one of the three worst affected in Western Europe, with registrations falling 21 per cent year-on-year and 11 per cent year-to date. The Spain was the only market worse affected than the UK. According to the ACEA figures, Spanish new car registration were 50 per cent down year-on-year and 28 per cent down year-to-date.

15th January 2009/by Tyrepress Editors

Motorcycle registrations decline 16% in November

A recurring theme towards the end of 2008 has been that of difficult times. Barely a day passes in the automotive industry where news of a factory pausing production or ceasing operations altogether is not reported, and sales of new cars in the UK took a hammering in November. For this month the Society of Motor Manufacturers and Traders recorded 100,333 sales, a staggering drop of 36.8 per cent compared with November 2007. And while comparing favourably to this sobering statistic, November registration figures for two wheeled vehicles show this sector of the market is also not immune to the economic downturn.

12th December 2008/by Tyrepress Editors

UK New Car Sales Drop More than 35% in November

Sales of new cars in the UK plummeted in November to 100,333 units, a decrease of 36.8 per cent on last year’s figures. These dismal results, released by the Society of Motor Manufacturers and Traders (SMMT), represent the greatest monthly drop since June 1980. During the year to November, car sales totalled 2,023,104 units, down 10.7 per cent on the first 11 months of 2007.

5th December 2008/by Tyrepress Editors

Car Sales – Good News, Bad News

Despite widespread fears that the UK is entering an economic recession, there are grounds for cautious optimism about sales of new and used cars in 2009. According to EurotaxGlass’s, publisher of Glass’s Guide, the used car market is likely to be the first to recover from today’s lows, followed by a steady – albeit modest – upturn in retail sales of new cars. However, fleet registrations are expected to remain lacklustre, at least until late next year.

“In the short term, conditions will remain difficult for car dealers, reinforced by the usual seasonal decline in demand that accompanies the latter months of the year,” explains Adrian Rushmore, Managing Editor at EurotaxGlass’s. ” However, we believe the swift and painful downturn we saw in the summer months of 2008 was probably a one-off event. The arrival of the ‘09’-plate next March will clearly be an acid test for both new and used sales, and analysis of the current market indicators suggests there are reasons for cautious optimism.

30th October 2008/by Tyrepress Editors

New Car Registrations Down 21.2%

New car registrations fell 21.2 per cent in September to 330,295 units. According to SMMT data, year-to-date volume is down 7.5 per cent to 1,794,419 units. Once again diesel market share increased (this time to 42.8 per cent of the market), but overall volume in this segment fell 15.4 per cent to 141,306 units in September.

There is also increased evidence that, based on rapid changes in registration profile, the tyre market of the years to come could be smaller than observers may have predicted last year. Smaller, that is, in terms of dimensions. For various reasons for the last couple of years drivers in the volume car market have been opting for smaller models, which drive on smaller tyres. Two years ago (in September 2006) was the first time the Ford Focus was knocked off the top slot in the SMMT’s registrations data by the smaller Fiesta model. By September 2008 the Focus had been relegated to fourth place in the monthly data, beaten by Vauxhall’s Corsa, the Ford Fiesta and the Vauxhall Astra.

7th October 2008/by Tyrepress Editors