Nexen Tire is now a full member of the Global Data Service Organization (GDSO) for Tyres and Automotive Components. Announcing its decision to join, the company states that this membership “underlines Nexen Tire’s position as one of the world’s leading tyre manufacturers and its commitment to advancing the industry with technical innovations.”
Nexen Tire returned to the black in 2023 with a net income of KRW 110.6 billion (£67.0 million). This result contrasts with the net loss of KRW 27.5 billion recorded a year earlier. Revenue for 2023 amounted to KRW 2,701.1 billion (£1.6 billion), a year-on-year increase of 4.0 per cent. EBITDA rose 173.3 per cent year-on-year, to KRW 388.7 billion (£235.6 million), with a margin of 14.4 per cent.
CTP, Europe’s largest industrial and logistics property manager by gross lettable area (GLA), has leased 18,000 sqm to FIEGE, a leading provider of logistics and transport services in Europe, at a new 71,000 sqm industrial and logistics building which is currently under development at CTPark Žatec in the Czech Republic.
Nexen Tire lays claim to being the first Korean tyre maker to utilise virtual reality (VR) in the product development process. To strengthen its digital design process capabilities, the tyre maker has developed a VR design simulation system at the Nexen Central Research Institute in Seoul. It says this VR design review system allows users to “appreciate the scale of real tyres in a virtual space.”
Within the framework of a Memorandum of Understanding with the Korea Expressway Corporation’s Road Traffic Research Institute, Nexen Tire intends to reduce the time and expense required to produce tyres for original equipment customers. The two partners signed the MoU on 27 November at the Research Institute’s headquarters in Dongtan, Hwaseong.
Nexen Tire is “restructuring” the prices of its summer and all-season tyres. The new price list will be valid for the European market, including the United Kingdom and Turkey. The “necessary structural price adjustment” is effective from 1 October 2023 and applies to all orders placed from that date.
Nexen Tire reports that it is fortifying its European organizational structure by assigning new members in key positions. The moves includes “restructuring current functional department underneath” and the expansion of its presence in Germany through appointing a new managing director. At the same time, UK managing director responsibilities have been re-assigned.
Production of the G60/G61/G68 BMW 5 Series has commenced, and the first deliveries will begin any time now. UK-spec M Sport models of this eighth-generation BMW executive saloon come with 19-inch light alloy wheels as standard equipment, while M Sport Pro models receive 20-inch light alloy wheels. BMW UK says the enlarged diameter over its predecessor’s rims gives the vehicle an “even more sporty presence.” Options available for all versions include 20-inch and 21-inch light alloy wheels, and the BMW list of approved rims and tyres for the G60 also includes an 18-inch fitment.
An extension to Nexen Tire’s sports advertising in the USA commences today. Visitors to NBA games will see the Nexen Tire logo courtside and on television from 24 October, and this will be followed by brand placement at the NCAA from November 2023 and with a selection of MLB teams from March 2024.
Yet another crossover is entering the vehicle parc in the shape of the Alfa Romeo Tonale, which in UK spec is exclusively available as a mild hybrid or plug-in hybrid model. Continental has announced being one of the tyre suppliers for versions equipped with 17- and 18-inch rims. It will ship Continental EcoContact 6 tyres to Alfa Romeo’s Pomigliano d’Arco plant in Naples, Italy, where they will be fitted to the Tonale in sizes 215/60 R 17 96V and 235/50 R 18 97V.
Tyre makers such as Michelin and Bridgestone may be preparing to drive on the moon, but Nexen Tire has its sights on Mars. The Korean tyre maker has received recognition in the International Design Excellence Awards (IDEA) 2023 for its Mearth concept tyre.
Nexen Tire has released its latest annual Sustainability Report, detailing progress towards sustainable management performance and other environmental, social and governance (ESG) commitments. The report, the tyre maker’s fourth, highlights ESG developments, progress and focus as well as details expanding a mid-to-long-term roadmap for ESG management.
Nexen plans to expand its production capacity by 40 per cent within five years. It plans to achieve this by building a new tyre factory in the United States and to expand its existing Czech factory. According to Korean media reports, Nexens’ factory in Zatec, Czech Republic, will complete the expansion project in September this year, following its 2019 official opening. Progress on the expansion project, which commenced immediately after opening, was delayed by the Covid-19 pandemic. Nexen has invested 1.2 trillion won (approximately £732 million) in the expansion of the Czech factory. Before the expansion, the factory was able to produce 5.5 million tyres per year. After the expansion phase in 2024, the production capacity is expected to be 9.2 million tyres. By 2025, it is expected the production capacity to increase further to 11 million tyres.
Colourful big cats are teaming up with tyres in a new collaboration between Nexen Tire and Haitian-American artist Kervin Brisseaux. The tyre maker explains that efforts to establish itself as “a trendy and innovative brand” in the European market are behind the advertising campaign that is based upon Brisseaux’s artwork.