Tyre maker and automotive technology company Continental has ceased production in some of its plants until further notice. It informed the Frankfurt Stock Exchange of measures put in place to adjust production around the world in response to the spread of the coronavirus and the effect of this upon vehicle production. Continental confirmed that its adjustments include complete production stops in some cases.
The the economic situation in Russia and the CIS countries has led to a downgrade in Nokian Tyres’ 2015 outlook. The Finnish tyre maker says sales of passenger car tyres have continued to decline in this region, and those tyres being purchased within the Russian market are increasingly lower B or C segment brand products. The company’s own sales in Russia were down 39.1 per cent year-on-year during the first half of 2015.
The Belshina tyre plant is scheduled to re-start production today (1 April 2015) after production ceased on 26 March, according to the Belarusian Independent Trade Union various (BITU), in a move that is seen as indicative of wider economic concerns and is blamed on low-cost Asian tyre imports.
Artur Mikhalap, BITU chairman, commented: “The plant stopped completely, reason unknown to me, but the thinking is the same as in most enterprises – no market. Warehouses are filled up. According to my information the plant stopped only for five days, until April 1.
