USA Archives - Page 247 of 268 - Tyrepress

Across the Atlantic they are called tires, while over here we use a “Y” and say tyres. This tag provides the latest tyre business news emanating from the United States of America (USA), whichever way you spell it.

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Yokohama Sales Down, Profits Up

Global economic factors presented Yokohama with a difficult year in 2001. The market was stable in Europe but the slowdown in US growth limited market development. The strong Japanese private sector capital investment was countered by a sluggish consumer market. However Yokohama still increased sales in the domestic market, though this was offset by a strong Yen which affected exports. Net sales dropped by 1.1 per cent in 2001 to 387.9 billion Yen (3,1 bn Euro). Cost reductions and improvements in efficiency raised operating income by 4.2% to 19.8 billion Yen (168,7 million Euro).

5th September 2002/by Tyrepress Editors

Tiger Wheels Grow

South African Tiger Wheels has benefited from a weak Rand pushing attributable earnings up by 63.3 per cent for the year to June. Revenue was up by 22 per cent and earnings by 49 per cent. According to the company the average euro-to-rand rate of R8.95 had most benefited the German-based division, ATS which became one of the main drivers for the growth in revenue. The company reported an improvement in production at its Babelegi plant in South Africa, increased production from the new Polish facility and the first phase of a new US wheel manufacturing facility at Auburn, Alabama was now under way. The US expansion has come about to meet the demand for wheel rims from DaimlerChrysler.

4th September 2002/by Tyrepress Editors

Chinese Auto Market Stalled

The Chinese automotive market, expected to be the largest growth market for the coming decade has so far not lived up to expectations. Vehicle manufacturers are prepared to meet the expected demand but Chinese finance regulations have not been adapted to allow lending to facilitate purchase of cars. Currently only 10 per cent of private purchases are financed in Chine compared to 75 per cent in the USA. According to General Motors sales don’t start rising until financing packages are available from the manufacturers. Currently finance is only available from the rapidly expanding Chinese banks where automotive finance business has grown by over 50 per cent per year for the past three years.

3rd September 2002/by Tyrepress Editors

Suppliers Halt Daewoo Production

Three Daewoo factories have been idle for two days after Korea Delphi Automotive Systems shut off component supplies in a row over payment. KDAS is Daewoo’s largest parts supplier and is said to be owed US$ 109 million by the car manufacturer. 200 other suppliers are also said to be considering cutting off supplies.

30th August 2002/by Tyrepress Editors

High Performance Tyres From Nokian

Nokian Tyres has developed two new high performance summer tyres, tailored for Central Europe, the USA and Nordic countries, and which will go on sale next spring. The NRVi is a V-rated tyre available in 19 sizes and features an info field near the bead area – the tyre fitter marks the field with the correct inflation pressure for the driver’s convenience. The second tyre, the NRY, is Z-rated (maximum speed 300 km/hr) and comes in six sizes, which correspond to OE sizes of many luxury cars.

28th August 2002/by Tyrepress Editors

Cooper B-To-B Website Coming To Europe Next Year

The Cooper Tire & Rubber Company’s new business to business website, which was recently launched by the Findlay, USA-based tyre manufacturer, currently only allows U.S. customers to place orders via the internet. However, It is planned to make the service available in Europe early next year.

22nd August 2002/by Tyrepress Editors

2Q Sales Growth For Federal

Federal Corporation of Taiwan has reported strong second quarter sales growth, up 19.4 per cent over the same period last year. 2Q sales were US$ 25.7 million (21.5 million in 2Q 2001) and markets outside Taiwan and China contributed US$ 18.9 million, or 77 per cent of the total. For the first six months of the year, sales are up by 18.3 per cent, at US$ 48.9 million.

22nd August 2002/by Tyrepress Editors

Tyre Recall Due To Inflation Error?

Automotive safety experts in the USA have said that “erroneous inflation recommendations from Ford” may have played a part in the recent recall of nearly 600,000 Continental tyres, fitted as OE on Ford Expeditions and Lincoln Navigators. Rear tyres should have been inflated to 33 p.s.i., but Ford recommended 30 p.s.i. It has not been determined whether or not low pressure contributed to the current recall, but some observers pointed to the difference in recommended pressures by Ford and Bridgestone/Firestone as a factor in the spate of accidents involving Explorer SUVs and Firestone tyres.

21st August 2002/by Tyrepress Editors

Goodyear To Certify Balance Sheet Accuracy

Following the recent examples of some US companies over-stating their profits, a rule has been introduced whereby organisations with a turnover exceeding $1.2 billion – and there are 947 listed – have to submit sworn statements certifying the accuracy of last year’s balance sheet and of figures for the first half of this year. The statements have to be with the US SEC-Commission by August 14th. Goodyear is one of the 947 companies and the accounts have to be certified by CEO Sam Gibara and CFO Bob Tieken.

8th August 2002/by Tyrepress Editors

Beru Walks Away From US TPMS Business

Press reports say that Beru is to give up its tyre pressure monitoring system business (TPMS) in the USA. The reason is that the prices offered by the Big 3 car manufacturers were so low as to make the business uneconomic. Beru will now focus its efforts in TPMS on the European market, especially the premium vehicle sector. Beru’s shares fell sharply at the news, but analysts believe that this was an over-reaction and they expect the price to recover much of the loss.

5th August 2002/by Tyrepress Editors

Upgrade For Ford Shares Despite Reservations

In the USA, UBS Warburg has upgraded Ford’s shares from “Reduce” to “Hold”. Despite this, the analysts have reservations about the future and believe that a re-scaling of Ford’s business and a more drastic restructuring will be necessary.

26th July 2002/by Tyrepress Editors

Traders Forecast China “Will Be World’s Largest Rubber Consumer”

Commodities traders are predicting that China will soon outstrip the USA as the world’s biggest consumer of rubber, importing one million tonnes this year and producing 400,000 tonnes itself. Demand from the tyre industry accounts for 80 per cent of this figure, as car sales increase to an estimated one million this year – a 40 per cent increase over last year. Sumitomo Rubber has announced that it would begin radial tyre production next April in China for both home and export markets.

26th July 2002/by Tyrepress Editors

Goodyear Chooses Exel In USA

In North America, Goodyear has chosen Exel Logistics as its lead logistics provider. Goodyear is keen to improve fill rates to dealers, particularly its independent dealer network, and sees Exel (with whom the company has been working since 1996) as the means of streamlining the supply chain.

24th July 2002/by Tyrepress Editors

No Comment On Kwik-Fit Sale

The progression of the Kwik-Fit sale by Ford has resulted in speculation in the press as to the selling price. The latest figures vary around the 300 – 350 million pound mark. A Ford spokesman in the USA told T&A that the company was not prepared to comment on the selling price, other than to say that “Kwik-Fit will not be sold unless there is a fair price for the company. Discussions are progressing towards that end but the conclusion of the sale could be within a week, a month or sometime next year.”

23rd July 2002/by Tyrepress Editors

RMA Petition Federal Government For Reserve Air Pressure

The RMA in the USA have petitioned the federal government to adopt a reserve air pressure standard for tyre pressure monitoring systems. According to the RMA, vehicle manufacturers set the safe pressure limit at, or just above, the minimum required for safe operation of a fully laden vehicle. The existing 30 per cent drop in pressure allowed by tyre pressure monitoring systems means that fully laden vehicles could be running on tyres inflated to dangerously low levels. The RMA is asking that the suggested tyre pressure setting should be set at 30 per cent above the safe limit, thus allowing 30 percent loss without creating a dangerous underinflation.

22nd July 2002/by Tyrepress Editors