During the second quarter of 2023 exports of Spanish automotive equipment and components rose +7.6 per cent year-on-year, totalling 8,049 million euros. Between May and August, EU27 countries represented the biggest export grouping, amounting to a 67.1 per cent share of global export figures. The value of exports to EU countries rose +11.4 per cent in the period, reaching €5,400 million.
Tiresur, a major distributor of passenger vehicle, commercial and off-highway tyres in the Iberian Peninsula, has begun work on its sixth warehouse. When completed, the 20,000 square metre facility in the Spanish city of Burgos will provide storage for more than 450,000 tyres and boast 20 loading bays. The wholesaler says this new facility will bring it even closer to customers within the region and in Europe.
Point S reports “impressive early growth” in its Spanish network. Since launching in this Iberian market in April 2023, nine points of sale in locations such as Barcelona, León, Bilbao, and Navarra have joined the global Point S family.
Hankook’s newest Ventus Race tyre, the C54 H, a slightly lighter model than its predecessor, made its debut at the Hankook 24H Barcelona. The European finale of the 24H Series powered by Hankook proved a fitting challenge for the new tyre, subjecting it to high levels of stress on the coarse asphalt and unique kerbs of the Formula 1 hosting circuit in Catalonia. Hankook says the new Ventus Race passed these tests with flying colours, helping the overall winner to set a new record distance of 725 laps.
Approximately three-quarters of the funds that Qingdao Sentury Tire Co. Ltd. needs to set up a factory in Spain have been secured through a share issue. On 22 August, the tyre maker informed the Shenzhen Stock Exchange that it had issued 94,307,847 shares to 20 parties at a price of RMB 26.69 (£2.93, US$3.68) per share, raising approximately RMB 2.8 billion (£307.1 million, $386.4 million).
Grupo Soledad has won the contract to supply and maintain tyres for the Spanish National Police fleet. The Spanish Ministry of the Interior reportedly chose Grupo Soledad, which will supply and fit Nexen tyres for Spanish National Police cars, based on the distributor’s “quality and service proposal”.
Last Friday we reported on the first Point S outlets in Macau. Closer to home, Point S International shares news of expansion in the Iberian Peninsula. Entry into the Spanish market means Point S now operates in 26 countries across Europe. Globally, Point S is now present in 51 countries.
At the end of May, Sentury published details relating to the development of its overseas factories. The tyremaker said data for April and May 2023 showed that its production capacity was temporarily unable to meet orders. Therefore, the company believes there is an urgent need to increase production capacity in order to meet customer demand. According to Sentury’s statement, the overseas tyre traders and retailers they cooperate with include Discount Tire, OAK Tyres, Inter-Sprint, American Omni and Turbo Wholesale.
While Sentury recently confirmed it is investing in a factory across the Mediterranean in Morocco, on 27 March 2023 officials once again confirmed that the Spain factory is set to begin construction this year. In addition, at the same time, executives agreed to prioritise the employment of ex-Endesa workers when the local power station closes. Indeed, the mayor of Las Pontes, Valentín González Formoso, and Qin Long, president of Sentury Tire, signed an agreement to that effect.
Grupo Andrés, a leading tyre distributor in the Iberian Peninsula, has acquired a 20% stake in specialist financial management consultancy iFinanciera. Explaining the decision to invest, Javier Andrés Herrera states that involvement in iFinanciera is closely linked to the development and growth of Grupo Andrés’ own companies and provides important synergies.
Following the departure of Sentury’s Spain factory project’s general manager, Warren Rudman, Sentury’s senior executives have taken up the reins of Sentury Tire (Spain), according to local business publication Economia Digital Galicia.
On 17 January, Sentury said it will adjust its financing plan through the stock market and specifically non-public offering of shares. After the adjustment, the tyre manufacturer will obtain no more than 2.8 billion yuan (about £330 million; 380 million euros), which is far lower than the 4 billion yuan (about £480 million; 540 million euros) proposed in the previous plan.
On 2 January 2023, Warren Rudman left his role as general manager Sentury Tire Spain. Rudman’s departure follows Sentury’s 30 December announcement that the company is planning to invest in a new tyre factory in Morocco. Signing off his departure announcement, Rudman noted “I will start a new journey soon”.
On 30 December 2022, Sentury Tire shared that the company convened a board meeting to approve the “Proposal on Investing in the Construction of High-Performance Car and Light Truck Radial Tire Projects in Morocco”. In other words, the company is planning to build its third overseas factory just outside Morocco, North Africa in what will be the first Chinese tyre factory in Africa. Sentury plans to invest just under US$296.78 million in constructing the Morocco tyre plant, which is set to have a production capacity is 6 million car and light-truck tyres a year.
Continental has announced a voluntary replacement programme for a total of 7,103 tyres worldwide. According to a statement detailing the news published on 7 December 2022, the exchange programme is being offered in Germany, Austria, Switzerland, Spain, France and Italy. In the German market, for example, a total of 745 tyres that were sold through the tyre replacement business or are still in the stocks of tyre dealers are eligible for exchange. A Continental Tyre Group spokesperson confirmed that the UK market is not affected by the voluntary exchange programme.