On 18 November, Federal Corporation stated that Chiang Ching Hsing, the company’s chairman and general manager, resigned. Chen Heng Kuan, who is also chairman and president of Nankang, held his position. According to analysts, both Chiang Ching Hsing and Chen Heng Kuan are representatives of Nankang Rubber on the Federal Corporation’s board of directors, and Chiang Ching Hsing’s departure will not bring about a massive change in Federal Corporation.
Recently, four Taiwanese tyre manufacturers, Cheng Shin, Nankang, Federal and Kenda, successively announced their September results. In September, Cheng Shin’s operating revenue was approximately NT$8.875 billion (about 244 million pounds, 280 million euros), an increase of 13.03 per cent over the same period last year.
On 1 September 2022, the global crypto currency market was valued at a trillion dollars, but that figure actually peaked at $2.8 trillion in November 2021. And therefore, whichever way you look at it, cryptocurrency is now a huge economic entity in its own right. With roughly 38 and 18 per cent market share respectively, Bitcoin and Ethereum are the two largest out there. Digital currencies bring with them two main features that suggest they are the future: Firstly, because they work on highly encrypted blockchain networks outside the established financial system, they offer the potential for greater efficiency and securing; and secondly, the operate as decentralised entities, taking governments and state banks out of the equation and empowering businesses and individuals with the margins that were only previously available to banks.
BitcoinRacing was formed with the stated aim speeding up the adoption of Bitcoin as an everyday currency. Writing at the start of the year, company representatives explained that the plan is to achieve that end “by travelling 5000 miles across the UK in 2022 with an HGV transporter decorated in Bitcoin decals and entering four race cars into the Nankang City Car Cup…” That, they continued, will make the team a “mobile advertisement for Bitcoin”.
In the first week of August, Taiwanese tyre manufacturers Nankang and Federal successively released operating data for July 2022.
Nankang’s operating revenue in July was NT$660 million (about £18.22 million; 21.58 million euros), down 10.8 per cent from NT$740 million (about £20.42 million; 24.2 million euros) in the same period last year. From January to July, the tyre maker’s operating revenue was about NT$4.72 billion (about £130 million; 115 million euros), down 3.08 per cent year-on-year.
According to Federal Corporation’s 2021 annual report, which was published in mid-May 2022, on 15 October 2021, “major shareholder Nankang Rubber Tire Corp. Ltd. Nankang Rubber Tire Corp., Ltd…called an extraordinary shareholders’ meeting to obtain the management right[s].” Federal and Nankang representatives have been contacted by Tyres & Accessories for comment.
Michelin remains the world’s leading tyre company by sales turnover, but Bridgestone is close behind in one of three close battles distributed across the table. For the first time, our research ranking market-leading global tyre manufacturers in terms of sales turnover converted into euros, illustrates the impact of recent high-profile acquisitions as well as the ongoing disruption of pandemic on the wider market landscape.
Nankang Rubber Tire Corp. Ltd. has announced that it has completed the re-election of directors and appointed Lin Junying as its general manager. According to Taiwan media reports, Lin Junying is the eldest daughter of Lin Xuepu, the deceased honorary chairman of Nankang and also an amateur racing driver.
Tyre comparison website Tyre Reviews has put ten popular tyres for performance cars to the test, making the brand-new Continental SportContact 7 a winner in its first outing on the independent assessment circuit. Reviewer Jonathan Benson fitted the ten tyre combinations to a BMW-powered Toyota Supra in sizes 255/35 R19 (front) and 275/35 R19 (rear) for the test, which he conducted over nine disciplines at Conti’s Contidrom facility. Given that the tyre was proven at the circuit, and is at least 12 months newer than any other product in this test, it is perhaps a little unsurprising that the SportContact 7 prevailed, but with reasonably comfortable first-place finishes in the dry and wet handling and braking tests, Tyre Reviews concludes that the tyre sets “a new standard for the UUHP segment.”
Nankang has launched a new winter tyre developed exclusively for the European cold season. The Winter Activa SV-4 will be available on the European market from the third quarter. The tyre will initially be available in 20 sizes from 13 to 21 inches. A second phase with additional sizes will follow during 2022.
Nankang Rubber Tire has opened a new showroom at Nürburgring Boulevard, as part of the ATOMIC-SHOP Motorsport Showroom. The manufacturer, which produces racing tyres for global motorsport codes, is the first Taiwanese manufacturer to have a showroom at the Nürburgring.
Nankang Tyre has launched two tyre games for Android and iOS mobile devices: Tyre Maker and Tyre Run. Both are available free to download worldwide on Android and iOS. The Taiwan tyre manufacturer says part of the purpose of the apps is “to relieve the boredom of being stuck at home due to COVID-19.” The games were developed in collaboration with digital design company King One Design. Users can download Tyre Maker here on iOS devices, or here on Android devices, while Tyre Run is available here (iOS) or here (Android).
Nankang Tyre UK has warned consumers to avoid what it calls “illegal grey compound tyres.” According to the company, an unspecified number of Nankang-branded car and SUV tyres that were “produced for a theatre show” and designed solely for low-speed use on wooden flooring have entered the UK market and are being offered for sale. It stresses that these tyres were not imported by Nankang Tyre UK and are thus not covered by any type of warranty. They are not approved for use on UK roads.
With just over two months to go before Tyrexpo Africa 2018 opens in Johannesburg, South Africa in early April, Singapore-based organiser SingEx has confirmed the participation of several global brands in the tyre, tyre repair equipment and tyre accessories. More than 100 international companies will be exhibiting at the event, with what the organiser describes as a significant number making their debut at the exhibition.
The 15th edition of the China International Tire Expo (CITExpo), and its second at the Shanghai World Expo Exhibition & Convention Center, opened its two-hall, 40,000sqm exhibition space at a time of uncertainty for the Chinese tyre industry – especially the aspirational medium and small sized companies the show tends to attract as exhibitors. Two factors that promise to change the shape of the industry provided a backdrop for the show: in Europe, the European Commission announced its intention to initiate an anti-dumping proceeding focusing on imports of truck and bus tyres originating in the People’s Republic, prompted by the “coalition against unfair tyres imports,” a group representing the interests of manufacturers accounting for more than 45 per cent of all new and retreaded truck and bus tyre production in the European Union. Meanwhile in China, the government’s crackdown on certain factories for environmental reasons looks likely to affect some tyre manufacturers’ pricing structure at best, and ability to continue to operate at worst. Tyres & Accessories spoke to one representative who suggested that some factories could struggle to meet demands as the availability of raw materials for tyre production is affected by the state mandated closures.
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Cheng Shin
Art Rachen; Unsplash
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