The European tyre industry will contribute to achieve the new EU climate goals

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Brussels, 17 September 2020 – The tyre industry welcomes the European Commission’s ambitious goal to reduce greenhouse gas emissions by 55% by 2030. This announcement also affirms Europe’s determination to continue striving for more innovative and sustainable mobility solutions to advance common interests.

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ANRPC Releases Natural Rubber Trends & Statistics July 2020

Prices of NR, both in the futures and physical markets, moved along a recovery path during July with the notable exception of latex market. Despite the growing concerns about a possible second wave of the pandemic and deteriorating US-China diplomatic relation, NR prices have the potential to continue moving along the marginal recovery path, in the short-term, supported by a host of factors which include the anticipated marginal improvement in the world consumption, factors constraining the world production and physical availability of NR , fall in the inventory held in the designated warehouses of the Shanghai Exchange, continued weakness expected in the U.S. dollar, and the support from the crude oil market.

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Michelin is demonstrating resilience through an unprecedented crisis

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124,000 125,400 1 Free cash flow: net cash from operating activities less net cash used in investing activities, adjusted for net cash flows relating to other financial assets, before distributions. 2 At period-end. Covid-19: impact of the health crisis on the Group’s financial position at June 30, 2020 Review of the information released by the Group during the first six months of the year On February 10, 2020, the Group issued its guidance for 2020 excluding any impacts from a systemic crisis caused by Covid-19. On March 18, 2020 at 6:10 pm CET, the Michelin Group …

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Continental burns cash as Q2 sales slump nearly 40%

BERLIN — Continental suffered a nearly 40 percent year-on-year decline in group sales during the second quarter, causing the German supplier to burn cash and forcing it to refrain from providing an outlook for the year. Consolidated group sales declined by 39.8 percent to 6.62 billion euros ($7.6 billion), the company said Monday as it reported some results early. Operating margin was minus 9.6 percent and reported free cash flow was a negative 1.78 billion euros ($2 billion.)

Read the source article at Front Page

Coronavirus tanks U.S. auto sales in the second quarter for GM, FCA

U.S. vehicle sales in the second quarter for General Motors, Toyota Motor and Fiat Chrysler plunged by more than 30% as the coronavirus caused consumers to stay at home, and dealerships and factories to shutter. The hefty declines are in-line with what Wall Street expected. Hyundai Motor and Porsche also reported significant drops in sales between April and June compared to a year earlier. The automakers were among the first to report second-quarter sales on Wednesday.

Read the source article at cnbc.com

Continental CEO warns staff of job, costs cuts – Wirtschaftswoche – Reuters

BERLIN (Reuters) – German automotive supplier Continental (CONG.DE) must save hundreds of millions of euros in costs and will probably have to lay off workers due to a slump in demand caused by the coronavirus pandemic, WirtschaftsWoche cited the CEO as saying. “This will be very painful, but we have no other choice,” CEO Elmar Degenhart told staff in an internal video, according to accounts from company insiders reported by the business news weekly.

Read the source article at reuters.com

What to look for in the Fed’s U.S. economic outlook

SAN FRANCISCO (Reuters) – U.S. Federal Reserve policymakers on Wednesday will publish their first economic projections since the coronavirus pandemic set off a recession in February, estimates expected to signal a collapse in output this year and near-zero interest rates for the next few years.

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EU Automotive industry proposes ambitious recovery plan for the automotive sector

SAVING JOBS WHILE REDUCING EMISSIONS

Brussels, 26th of May 2020. – For many decades, the European automotive sector has been one of the key pillars of the economic and social welfare of Europe. Indirectly, the sector provides employment to 13,8 million workers. The European assembly plants still produce 1 in every 4 cars worldwide. The sector is highly innovative and accounts for 20% of industrial research funding in Europe. Europe’s automotive sector has become a global leader with a strong export orientation. It is a stronghold of European industry and a driver for jobs and economic growth across Europe. As a result of the substantial economic interlinkages with other sectors along the value chain, its importance for employment and growth for the whole economy is clear.

Read the source article at – CLEPA

Sumitomo Rubber’s Q1 profits drop 54% on lower sales volume

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KOBE, Japan — Sumitomo Rubber Industries Ltd.’s operating profit for the quarter ended March 31 fell 54.1% to $25.3 million on 9.7% lower sales as the company dealt with the global economic impact of the COVID-19 pandemic.

Read the source article at Tire Business

Bridgestone: Demand for OE, replacement tires falling ‘substantially’

TOKYO—In reporting its first quarter financial results, Bridgestone noted that it expects demand for OE and replacement tires to be “substantially lower” than indicated in its February forecasts.

Read the source article at Rubber and Plastics News