Trelleborg AB has been fined 9.6 million Swedish krone (roughly £750,000; 880,000 euros) by officials at Swedish stock market, Nasdaq Stockholm. Nasdaq Stockholm specifically sanctioned Trelleborg for reacting too slowly to international reporting of the – at the time – proposed sale of its Trelleborg Wheel Systems (TWS) business to Yokohama.
Based on stock market reporting for the third quarter of 2022, the top nine Chinese listed tyre companies ranked by revenue are Sailun, Linglong, Triangle, Huayi (the holding company of Double Coin), Guizhou Tyre, Sentury, Aeolus, Jiangsu General, and Doublestar. (The leading Chinese tyre company according to Tyrepress global rankings is ZC Rubber (Hangzhou Zhongce), but it is not listed.) The figures show that Sailun has completed a meteoric rise this year to become the Chinese tyre industry’s stock market leader, with an income of more than 6 billion yuan in the quarter, putting it within reach of the global top 10 tyre manufacturers.
The coronavirus outbreak has affected many industries, but the automotive industry is among the hardest hit. After carmakers stopped production and dealerships closed showrooms amid Covid-19 lockdown, global car sales slumped worse than ever before. However, the luxury car market was generally less affected by the financial downturn caused by the coronavirus pandemic. According to data presented by StockApps.com, the market capitalisation of the world’s most valuable car company, Tesla, hit over $460bn this week, almost seven times more than Ferrari, Porsche and Aston Martin combined.
Michelin and Continental stocks are rising, despite the severe impact of the coronavirus pandemic and governmental lockdowns on demand. US investment bank Goldman Sachs today raised the target price of shares in the two manufacturers, rating Michelin as ‘Buy’ and Continental as ‘Neutral’. In his two research notes, Goldman analyst George Galliers increased Michelin stocks’ target price from 91 euros to 113 euros, and Conti’s from 75 euros to 92 euros.
Bridgestone reports that it yesterday completed the cancellation of Treasury Stock pursuant to Article 178 of the Companies Act, a measure decided upon at a meeting of its Board of Directors on 15 February 2019. A total of 47,838,200 common shares have been cancelled, 6.8 per cent of issued shares.
Bridgestone is set to buy back as many as 12 million of its shares at a fixed price of 4,195 yen per share, based on the closing price at the time of the announcement.
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