This week we are focussing on Q1 results, and the outlook for Q2 and beyond, following the results statements by various companies in the tire industry. These stock market reports are probably the best public information on the present state of the industry. Wolfgang Schäfer, CFO of Continental AG said, “in our important European and
In the last week or so, we have noted that up to 75 more tire factories re-opened around the world. As of 7 May, we estimate that around two-thirds of tire factories in the world (excluding China) are now open. That compares with around half just one week ago. We are expecting that most of
We just published the May 2020 edition of our global tire industry newsletter, and distributed it to subscribers (30 April). Each corporate subscriber has the right to distribute to unlimited direct employees worldwide, so if you are interested, feel free to contact us. If your employer receives it already, we can send out a free copy.
Tire factories have been re-starting around the world over the last week or two. Europe, the United States, and even India have seen a series of re-starts. Many more are expected to re-start this week and next. Meanwhile, a number of Japanese and Korean factories have closed temporarily, due to over-supply in the market. They
Four weeks since the tire shut-downs first started, we are seeing some tire companies prepare their responses. The common response has been to address their cash position through loan restructuring, cost-down and other financial measures. Cash flow will be vital in the coming months, as fixed costs will drain cash reserves until sales can recover
This is the kind of analysis our subscribers see each month in our Global tire intelligence report. We are bringing this to you as a free service during the pandemic. I have not seen any other source of information worldwide that brings you comprehensive, timely information on the worldwide status of tire factories. To see
In the last week, we have seen Nokian brought its factory near St Petersburg back on stream. but extended the furlough of its US factoryBridgestone Americas will restart its North American commercial tire plants on April 13.Michelin said it opened its plant in Cuneo, Italy to make tires for ambulances, trucks, vans and police vehiclesMichelin
Just under a week ago, we published our deep-dive analysis of the state of the global tire industry under CoronaVirus. This week we have to report that things are less opaque, but the increased clarity has done nothing to improve our pessimistic view. Update: Turkey on lock-down. All tire plants closed until 13 April Update2:
We just published the April 2020 edition of our global tire industry newsletter, and distributed it to subscribers (31 March). Each corporate subscriber has the right to distribute to unlimited direct employees worldwide, so if you are interested, feel free to contact us. If your employer receives it already, we can send out a free copy.
After Europe and the Americas, India and South Africa are the latest regions to face mass closures of tire factories. All tire factories in the two countries are closed. South Africa in lock-down for three weeks South African President Cyril Ramaphosa has imposed a lock-down for three weeks from March 26. His statement said, “All
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