Chinese manufacturer Guizhou Tyre released its semi-annual report on 22 August, providing progress updates about the production facilities it is currently building at home and overseas. The company also reported revenue of RMB 4.44 billion (£482.6 million, US$611.2 million) for the first half of 2023 and profit of RMB 340 million (£37.0 million, $46.8 million).
Nokian Tyres’ board of directors has approved its revised mid-term strategy and updated financial and non-financial targets. The Finnish tyre manufacturer is targeting growth faster than the market to reach net sales of 2 billion euros, plus an increasing market share in its key markets. “Our large investment phase is completed, and we are well positioned for organic growth and strong performance,” said , Jukka Moisio, Nokian president and CEO.
The electric vehicle (EV) market is experiencing rapid growth as a result of several global trends. Increasing city regulations, a decline in lithium-ion battery prices, and high demand in China are expected to push global EV sales to an unprecedented 1.6 million unit sales, with China leading the market at 49.5 per cent market share, followed by Europe with 25.6 per cent. Frost & Sullivan expects solid-state batteries to be a game-changer, potentially opening up significant growth opportunities for future battery chemistries due to manufacturers’ claims of an energy density 2.5 times higher than lithium-ion batteries.
The second annual MHA Motor Dealer report reveals a significant drop in optimism amongst UK motor dealers around the prospects for profitability in the sector this year. 76 per cent of dealers surveyed said they expected profits to drop or remain static for the year, that’s an increase of 20 per cent from 2016.
Leading Italian brake manufacturer, Brembo has reported revenues of 1,146.8 million euros, up 10 per cent compared with the first half of 2015 (+12.2 per cent on a like-for-like exchange rate basis). During the same period, pre-tax profits (EBIT) grew +42.9 per cent to 173.3 million euros.