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You are here: Home1 / RussiaUkraineWar

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Unsatisfied but optimistic: Continental announces Q2 2022 financial results

Company News

After an April to June period punctuated by negative EBIT and a net loss, tyre maker and automotive components supplier Continental says it is “looking ahead to the second half of the year with optimism.” It is also maintaining its full-year outlook despite a current headwind that chief financial officer Katja Dürrfeld describes as being “rather like a hurricane.”

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Related news:

  1. Continental: Lower income despite strong tyre business in Q1 2022
  2. A “good result” – Continental returns to the black in 2021
  3. Continental revises 2022 outlook, publishes preliminary Q1 results
  4. Michelin publishes H1 2022 results, maintains full-year guidance
9th August 2022/0 Comments/by Stephen

Michelin publishes H1 2022 results, maintains full-year guidance

Company News

In a market hit by the systemic impacts of the conflict in Ukraine and the health crisis, the Michelin Group reports that its net income fell by 18.3 per cent despite a year-on-year increase in sales. The tyre maker nevertheless considers this a good result “in an extremely unsettled environment.”

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Related news:

  1. Michelin reports reduced sales, income for 2020
  2. Michelin: Volumes up 7.5% in Q1 2021
  3. Michelin: YTD sales up 15.6% to €17.2 billion
  4. Continental: Lower income despite strong tyre business in Q1 2022
27th July 2022/0 Comments/by Stephen

First rise in 11 months for UK car production

UK News

UK car production in grew in May 2022 for the first time since June 2021. The Society of Motor Manufacturers and Traders (SMMT) report that a total of 62,284 units left factory gates during the month, a rise of 13.3 per cent. SMMT notes, however, that the increase must be viewed in context against May 2021, which was still suffering significantly from pandemic-related headwinds. Output remains 46.3 per cent below the pre-pandemic month in 2019, with ongoing supply chain issues, increasing economic uncertainty, rising business costs and disruption caused by the war in Ukraine.

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Related news:

  1. New car registrations hit 24-year low in March
  2. UK September car production hits four-decade low
  3. Car production falls for 8th consecutive month
  4. EVs a strongpoint in Covid-stalled UK car market
1st July 2022/by Stephen

Nokian Tyres begins ‘controlled exit’ from Russia

News

Due to the war in Ukraine and subsequent, tightening sanctions, Nokian Tyres plc has determined that it is “no longer feasible nor sustainable” to continue operations in Russia. The Finnish tyre maker’s Board of Directors thus decided today to initiate a controlled exit from this market. Exit preparations start immediately and Nokian Tyres will evaluate different options for its departure, with “due consideration to local employees and legislation.”

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Related news:

  1. EU sanctions: “significant impact” on Nokian Tyres’ European sales
  2. Nokian Tyres staying in Russia
  3. Nokian Tyres cuts 2021 dividend as European capacity ramps up
  4. Nokian Tyres raises 2022 net sales guidance
28th June 2022/by Stephen

Impossible to resume production – Michelin transferring Russian operations

Company News, International News

After suspending its manufacturing activities in Russia on 15 March, Michelin now confirms that it is “technically impossible to resume production,” due in particular to supply issues, amid a context of general uncertainty. It says Michelin Group is “therefore compelled” to plan the transfer of all of its Russian operations by the end of 2022.

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Related news:

  1. Michelin Guide Moscow offline – activities in Russia suspended
  2. Michelin halts Russian tyre manufacturing and exports to Russia
  3. War as a sales opportunity: Titan subsidiary increasing volumes in Russia
  4. Titan International: No further investments in Russian operation
28th June 2022/by Stephen

Arcom: Increase turnover with greater storage space

Company News

When the going gets tough, diversify. This strategy helped storage systems specialist Arcom weather the storms of the past two years. The Polish company is once again enjoying strong demand, both within the tyre industry and beyond. We caught up with sales manager Marcin Smulski during The Tire Cologne to find out more.

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Related news:

  1. Bespoke Arcom storage system helping tyre manufacturer stay flexible
  2. Continental revises 2022 outlook, publishes preliminary Q1 results
  3. Continental: Lower income despite strong tyre business in Q1 2022
  4. New car registrations hit 24-year low in March
21st June 2022/by Stephen

Nokian Tyres raises 2022 net sales guidance

Company News

Although the war in Ukraine and subsequent sanctions continue to “cause significant uncertainty” for Nokian Tyres’ operating environment, especially in regards to its business in Russia, on Friday the company reported that demand for its tyres has nonetheless remained good. For this reason, and after successfully implementing price increases to mitigate the impact of inflation, Nokian Tyres has raised its net sales guidance for 2022.

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Related news:

  1. Nokian Tyres cuts 2021 dividend as European capacity ramps up
  2. EU sanctions: “significant impact” on Nokian Tyres’ European sales
  3. Nokian tyres implements Ukraine contingency plans, donates to UNICEF
  4. Nokian Tyres staying in Russia
20th June 2022/by Stephen

Pirelli Q1 EBIT up 35%, but full-year estimates revised down

Company News, International News
Pirelli

Pirelli & C. Spa has reported a strong set of first quarter 2022 results which show revenues and pre-tax profits (adjusted EBIT) were up 22.2 per cent and 35.4 per cent respectively despite considerable turmoil related to the war in Ukraine and the resultant sanctions against Russia, where Pirelli runs two tyre factories. However, the tyre manufacturer has also revised down full-year estimates due to the same “geopolitical tensions”.

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Related news:

  1. Pirelli: Profits will remain in lower end of range, despite Russia-Ukraine crisis
  2. Pirelli gives 500,000 euros to support Ukranian refugees
  3. How will war in Ukraine impact European tyre production?
  4. Pirelli stops new investment in Russia, puts brakes on tyre manufacturing in Russia
12th May 2022/by Chris

Continental: Lower income despite strong tyre business in Q1 2022

Company News

Announcing its financial results for the first quarter of 2022, tyre maker and automotive technology firm Continental states that it “performed well” during the period despite “an increasingly turbulent market environment.” It describes its Q1 2022 tyre business as “strong.”

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Related news:

  1. A “good result” – Continental returns to the black in 2021
  2. Michelin: YTD sales up 15.6% to €17.2 billion
  3. Continental: Components supply issues hit Q3 2021 sales & earnings
  4. Continental revises 2022 outlook, publishes preliminary Q1 results
11th May 2022/by Stephen

Titan International: No further investments in Russian operation

Company News, International News

Although Russian tyre maker Voltyre-Prom recently spoke of potential opportunities arising from the war in Ukraine and related international implications, majority shareholder Titan International confirms it will not be investing in this business any time soon. Details of Titan’s relationship with the Russian operation were set out in the US-based firm’s 10-Q financial report for Q1 2022 and further commented on during a teleconference held on 3 May.

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Related news:

  1. War as a sales opportunity: Titan subsidiary increasing volumes in Russia
  2. Voltyre-Prom: Key shareholder announces aim to sell stake in tyre maker
  3. Titan: Russia-Ukraine war hasn’t impacted global operations
  4. Titan International closes RDIF put option transaction
5th May 2022/by Stephen

Kwik Fit: Cost of living crisis affecting most drivers

UK News

Results of a survey conducted on behalf of Kwik Fit suggest 69 per cent of motorists have changed their driving behaviour since the beginning of the year. Altered habits include cutting down on ‘non-essential’ car journeys, something 35 per cent of the 2,000 respondents admitted to doing. Drivers of petrol or diesel cars are almost twice as likely to cut down on such trips, with 40 per cent doing so as opposed to 22 per cent of electric vehicle (EV) drivers.

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Related news:

  1. Kwik Fit: Brexit keeping holidaymakers in UK
  2. Kwik Fit: Pothole damage becoming a costlier problem
  3. Kwik Fit: 18% of 18-34s involved in driving incident while using phone
  4. Kwik-Fit report shows cost of pothole damage rises despite huge drop in mileage
4th May 2022/by Stephen

Nokian Q1 shows strong growth with Ukraine war effects set to bite in Q2

Company News
Nokian Tyres

The effects of the Ukraine war are not present in Nokian’s first quarter reporting, published on 28 April. The company has seen good levels of Q1 growth versus 2021, especially in its car tyre sales, but also in its commercial tyre business. However, with the manufacturer highly leveraged on Russian manufacturing and European sanctions against the country ramping up, it has announced to investors that all bets are off regarding its 2022 forecasts. The negative effects are largely related to passenger car tyre sales – Nokian explains that its “Heavy Tyres” are produced in Finland. It adds that while it has stopped the distribution of these products in Russia, “Nokian Tyres has never sold tyres to the Russian army, and the Russian Federation is not a customer of Nokian Tyres.”

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Related news:

  1. Nokian moves selected tyre production out of Russia
  2. Nokian Tyres staying in Russia
  3. Nokian to invest $360 million in new US tyre factory
  4. Bridgestone lost some data in Americas ransomware attack
29th April 2022/1 Comment/by Andrew

Nokian Tyres expects significant drop in net sales due to Ukraine war

Company News
Nokian Tyres

Following the withdrawal of its 2022 guidance on 28 February, Nokian Tyres has commented that it expects net sales and segments operating profit in 2022 to “decrease significantly compared to 2021.” The tyre manufacturer is the most acutely affected by the Ukraine-Russia war, as analysis previously published on Tyrepress shows.

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Related news:

  1. Nokian Tyres drops 2022 guidance due to Russian invasion
  2. Nokian tyres implements Ukraine contingency plans, donates to UNICEF
  3. Nokian Tyres staying in Russia
  4. EU sanctions: “significant impact” on Nokian Tyres’ European sales
28th April 2022/by Andrew

Michelin: Q1 sales up 19% to 6.5 billion euros

Company News, International News
Michelin; Jefferies

Michelin Group has reported that its first quarter 2022 sales amounted to 6.5 billion euros, a 19 per cent increase on the first quarter of 2021. According to the company, price increases and strengthening replacement demand helped it offset headwinds including operation disruptions and inflationary pressures exacerbated by the conflict in Ukraine plus the resurgence of Covid-19 in China.

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Related news:

  1. Pirelli reports 20% 1Q sales decline
  2. Michelin Germany integrates Camso sales team under Reifenwerke
  3. Back in line with 2019 levels: Michelin publishes full-year 2021 results
  4. Enviro reports ‘Sharp increase in interest’ in rCB due to war in Ukraine
27th April 2022/by Chris

UK government blocks Russian and Belarussian tyre, rubber product imports with 35% tariff increase

Company News, International News, Retreading, UK News
Igorn; Pixabay

On 25 April 2022, the UK Government announced a further tranche of trade sanctions against Russia. The new sanctions, which were introduced by International Trade Secretary Anne-Marie Trevelyan and Chancellor of the Exchequer Rishi Sunak, include import bans on silver, wood and high-end products like caviar. At the same time, the government has raised tariffs by 35 percentage points on items from Russia and Belarus, including diamonds and “rubber products”. Additional duties of 35 per cent were already introduced on “new pneumatic tyres, of rubber” on 25 March 2022.

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Related news:

  1. Sanction-hit tyremaker Belshina patriotic amid war in Ukraine
  2. Ukraine war’s impact on global tyre-makers acute for Nokian, manageable for others
  3. New UK Global Tariff sees tyre duty reduced from 4.5% to 4.0%
  4. Nokian moves selected tyre production out of Russia
25th April 2022/by Chris
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