NAFTA replacement leaves many guessing in auto industry

Imagine being asked to bake a cake but not being told what kind of cake you’ll be baking and knowing you’ll be judged on the results. You might know you need milk, eggs and flour, but whether the cake needs to be chocolate or carrot is pretty important, too, and will change what you pick up during your shopping trip.

Read the source article at Detroit Free Press

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

Goodyear Names New President for European Consumer Business

BRUSSELS, June 22, 2020 – The Goodyear Tire & Rubber Company today announced a new leadership appointment in its Europe, Middle East and Africa (EMEA) region. Hakan Bayman has been named president of Goodyear’s consumer tire business in Europe, effective July 1.

Bayman will be based in Brussels and report directly to Chris Delaney, President Goodyear EMEA.

“Hakan brings deep industry experience in both customer-facing and marketing capacities and I am enormously confident in his ability to drive value for our customers and make it easy to buy, own and recommend Goodyear tires,” said Delaney.

Read the source article at Newsroom Goodyear EMEA

Podcast: An Update from Bkt & the OTR Industry Amid COVID-19

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On today’s podcast, we talk with Doug Kershaw, vice president of BKT USA, to check in not only on BKT’s business but also get a status report on different segments of the OTR industry.

Read the source article at Tire Review

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

Carmakers must overhaul production plans to hit climate goals: report – Reuters

LONDON (Reuters) – The world’s 14 biggest carmakers are on course to miss globally agreed climate targets, a leading sustainable finance think tank said on Wednesday, urging investors to do more to pressure boards to change their production plans. The report by the 2° Investing Initiative and the Institutional Investors Group on Climate Change looked at the firms’ plans for electric vehicles, hybrid and internal combustion engine (ICE) vehicles and modelled vehicle emissions and climate scenarios from the International Energy Agency. None of the companies’ current plans were fully aligned with the Paris Agreement on climate change, which aims to …

Read the source article at reuters.com

EU Automotive Suppliers Outlook Worsens Considerably, Latest Survey Shows

A survey of automotive supplier companies in Europe to gauge the impact of the COVID-19 crisis shows that the sector’s outlook has worsened considerably over the past weeks.

Over 90 percent of businesses expect a drop in revenue in 2020 of at least 20%, up from 60% in March. 35% percent expect a reduction of more than 30%. Profitability will take an even harder hit, with more than half of respondents now expecting to make a loss before taxes. The perspective of a quick recovery worsened significantly as well. Three out of four businesses fear that it will take more than a year to recuperate, whereas 4 weeks ago the consensus tended towards 6-12 months. One third of respondents counts with a timeframe of 2 to 3 years.

Read the source article at – CLEPA

Cooper Tire & Rubber Company Declares 193rd Consecutive Quarterly Dividend

Cooper Tire & Rubber Company (NYSE: CTB) today announced a quarterly dividend of 10.5 cents per share on common stock, payable June 26, 2020 to stockholders of record at the close of business June 1, 2020. This will mark the 193rd consecutive quarterly dividend paid by Cooper Tire & Rubber Company.

Read the source article at Yahoo Finance

Goodyear Announces Pricing Of $600 Million Of Senior Notes

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AKRON, Ohio, May 13, 2020 /PRNewswire/ — The Goodyear Tire & Rubber Company (NASDAQ: GT) today announced that it has priced its offering of $600 million aggregate principal amount of 5-year senior notes. The notes will be senior unsecured obligations of the company. The notes will be…

Read the source article at PR Newswire

Global Rubber Processing Chemicals Market 2020: Market Size, Demand by Product, Application and Type of Rubber

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DUBLIN, April 30, 2020 /PRNewswire/ — The “Global Rubber Processing Chemicals – 7th Edition” report has been added to ResearchAndMarkets.com’s offering. This study covers the global market for rubber processing chemicals. Demand is provided in metric tons for 2008, 2013, and 2018, with…

Read the source article at PR Newswire