50% drop in tyre sales in Q2 – Goodyear
Goodyear has estimated that it will register a 50 per cent drop in quarter two tyre sales versus 2019. The US manufacturer reported the estimate in an SEC stock exchange filing. It said that its global Q2 sales are set to be 18.7 million in 2020, compared to 37.4 million in the same period in 2019.
Goodyear believes Q2 will represent a low point for the year, reflecting the weakness of markets during COVID-19 pandemic lockdowns. The manufacturer also said it has currently adjusted tyre production to manufacture 25 million fewer tyres in Q2 2020 compared to the second quarter of 2019. This measure, it said, has been taken “in order to reflect expected demand and to reduce inventory.”