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Subsidies didn’t stop Doublestar losing money in Q3

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Doublestar

In the third quarter of 2023, Doublestar’s revenue increased by 11.95 per cent year-on-year to 1.23 billion yuan (approximately £139 million; €159 million). Doublestar specified that its PCR products had achieved profitability from July to September. However, overall, during the reporting period, the tyre manufacturer was still in the red despite an increase in operating income, with a loss of 53.32 million yuan (approximately £6 million; €6.87 million).

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  1. Doublestar suffers huge losses
  2. Doublestar, Guizhou Tyre, Linglong, Triangle, and Aeolus publish results forecast
  3. Doublestar back in pole-position for Kumho purchase
  4. Revenue of Double Coin parent (Huayi) exceeded 10 billion yuan in 2022
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Linglong Serbia amongst Chinese projects under EU scrutiny

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European Union

On 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.

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Related news:

  1. Serbia open for business
  2. Linglong holds business investment talks with EBRD
  3. Toyo given free land as part of 364 million euro Serbia tyre factory investment
  4. Linglong injects 146 million euros of capital into Serbian tyre factory project
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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.

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Related news:

  1. Bridgestone European manufacturing network restarts production
  2. French government willing to invest in Bridgestone Bethune rescue
  3. Toyo Serbia factory receives approval for 41 million euro subsidy
  4. Bridgestone in talks with 2 tyremakers about Béthune factory sale
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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.

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Related news:

  1. Toyo given free land as part of 364 million euro Serbia tyre factory investment
  2. Toyo investing 390 million euros in Serbia tyre factory
  3. Triangle: no Russian tyre plant…for now
  4. Linglong considering European factory
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Toyo given free land as part of 364 million euro Serbia tyre factory investment

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The Serbian state is set to give Japanese tyre manufacturer Toyo 637,455 square metres of land worth roughly 3 million euros for its newest factory. According to a Serbian State Aid Control Commission decision, the countries Tax Administration calculated that – based on a land valuation of 5 euros per square metre, Toyo will have to employ 523 workers indefinitely by 2023.

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Related news:

  1. Toyo investing 390 million euros in Serbia tyre factory
  2. Georgia selected as location for $500 million Sentury Tire US factory
  3. Jiangsu General investing US$300 million in Thailand tyre plant
  4. Serbia to become PCLT tyre production hub
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Investigation: India considering duties on Chinese truck tyres

Authorities in India are conducting an investigation into alleged subsidies on truck and bus tyres imported from the People’s Republic of China. According to a document released on Wednesday by the Directorate General of Trade Remedies, a department of India’s Department of Commerce, the investigation is taking place in response to a submission filed by local industry representative the Automotive Tyre Manufacturer’s Association (ATMA) on behalf of tyre makers Apollo Tyres, J. K. Tyre & Industries, MRF and Ceat. Should the allegations be verified, the department will recommend implementing countervailing duties.

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Related news:

  1. EC decides against tyre anti-subsidy measures – for now
  2. Indian market launch for Conti truck radials
  3. Imports creating disquiet within India’s tyre industry
  4. It’s “high time” for anti-dumping duties, says JK Tyre & Industries’ Singhania
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EC decides against tyre anti-subsidy measures – for now

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Recent published articles have led to uncertainty regarding duties upon new and retreaded bus and truck tyres originating in the People’s Republic of China. On 13 July, the European Commission announced its decision not to impose anti-subsidy measures during its ongoing investigation into these products. This decision reflects the Commission’s practice of not simultaneously imposing provisional anti-dumping and anti-subsidy measures prior to reaching a final decision on the matter.

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Related news:

  1. Anti-dumping – EC to investigate Chinese tyre imports to Europe
  2. NTDA: EC anti-subsidy decision ‘no great surprise’
  3. EU makes final truck tyre anti-dumping duties decision, retains fixed rates for manufacturers
  4. Chinese truck tyres: EC proposes revised anti-dumping duties
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Russian carmakers seek government support

Russian car manufacturers have requested government support in order to help maintain staffing levels during the ongoing Russian financial crisis. According a report in Russia’s Kommersant, Kamaz, AvtoVAZ and Sollers have filed requests to their respective regional governments to access funds to help keep employment for workers.

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Related news:

  1. Russian auto market crashes
  2. Triangle talks investment during visit to Russia
  3. East European trailer market hit again, but regional nadir also reached
  4. Yokohama reports record nine-month 2017 net sales results
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