Canadian Auto Dealers Seek Managed ICE Phaseout

OTTAWA – The Canadian automobile sector has called on the country’s provinces to better coordinate efforts to increase demand for electric vehicles. This follows the Québec government announcing a ban on local sales of new combustion-driven light vehicles from 2035.

While the ban would not apply to most commercial vehicles and used-auto sales, and hybrid sales and use might still be allowed, Brian Kingston, the new president and CEO of the Canadian Vehicle Manufacturers’ Assn., fears this policy might not achieve its goal of promoting EV sales: “You need a plan, not a ban,” he tells Wards.

Read the source article at WardsAuto

Millennials are buying more cars, and sooner, but for how long?

2020 has been a year of unintended consequences, no matter where you look. Kids were suddenly doing their learning online, many of us began working from home, and thousands had to impromptu figure out how to interior-design the backdrop behind their computer monitor, as every virtual meeting became a peek into someone’s personal world. The car industry has seen some huge changes, as well. With the initial lockdowns, sales didn’t just spiral, they crashed.

Read the source article at driving.ca

Goodyear Consumer Tire Prices Are On Their Way Up

Goodyear- and Dunlop-brand consumer tire prices are set to increase on Dec. 1 in the U.S. Goodyear Tire & Rubber Co. says prices will go up by up to 5%. “These increases are in response to changing market dynamics in the industry and reflect the strong value of the Goodyear brands,” the company said.

Read the source article at Modern Tire Dealer

Pirelli trims margin guidance on mixed outlook

MILAN, Nov 11 (Reuters) – Italian tyre-maker Pirelli on Wednesday lowered its margin forecast for this year, citing continuing uncertainty in light of the second wave of the COVID-19 pandemic.

The manufacturer of tyres for Formula One and high-end carmakers such as BMW and Audi said the 2020 market outlook had improved in the North America and Asia-Pacific regions.

“But the outlook (is) cautious for Europe because of recent anti-COVID measures following the resurgence of the pandemic,” it said in a statement.

The group guided for a 2020 full-year margin on its adjusted earnings before interest and tax (EBIT) of 11.5-12%, against a twice-trimmed previous forecast of 12-13%, to account for the impact of exchange rates, raw materials and other costs.

Read the source article at Reuters.com

Are Democrats in Better Car-Buying Mood Than Republicans?

U.S. car dealers may see an increase in Democratic shoppers and, conversely, a decrease in Republican purchase intenders because of the results of the Nov. 3 presidential election, says Charlie Chesbrough, Cox Automotive’s senior economist.

“Democrats may be more likely to buy a vehicle” because they’re elated that Democrat Joe Biden is President-elect, he says, even though incumbent Donald Trump has yet to concede.

 

Read the source article at WardsAuto

DuPont sees strong annual profit as auto sector recovers, signals more cost cuts | Reuters

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Oct 29 (Reuters) – Industrial materials maker DuPont on Thursday forecast full-year profit above Wall Street expectations as it kept a tight check on costs and benefited from a recovery in the automotive industry, one of it biggest markets. The company, which makes everything from brake fluid to fabric used in protective garments, has been cutting costs to battle weak demand in several industries due to the COVID-19 pandemic.

Read the source article at Business News

Michelin Revises Its Guidance for 2020 Upwards

Outlook for 2020: in a still highly uncertain environment, and taking into account the recent change in tire demand, Passenger car and Light truck tire markets are expected to decline by 13% to 15% over the year, Truck tire markets by between 12% and 14% and the Specialty markets by 15% to 19%. With these new forecasts and the cost reductions linked to the circumstances, the Group is revising its guidance for 2020 upwards, with segment operating income in excess of €1.6 billion at constant exchange rates and structural free cash flow* in excess of €1.2 billion, barring any new systemic effect** from Covid-19.

Read the source article at Send Press Releases with GlobeNewswire

Exec. Interview: Bill Caldwell, Continental’s Sr. VP of Sales

COVID-19 has affected tire manufacturers in a myriad of ways, and Continental Tire the Americas is no exception. While the company has made changes to its dealer program this year, they’ve shown resilience with the help of industry partners and have a big 2021 ahead.

Read the source article at Tire Review

Hankook Announce Winners At Two Industry Award Ceremonies

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Premium tyre maker Hankook continues to support both the Commercial Motor Awards and the Motor Transport Awards in 2020 in these challenging times, by sponsoring categories at each ceremony. Due to COVID restrictions, the award ceremonies moved to a digital format with the winners being announced online. 

Read the source article at Global Rubber Markets News

Nexen Tire Debuts New Podcast

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Nexen Tire America, Inc. is debuting a new podcast, the Nexen Tire Talk Show.John Hagan, Nexen Tire’s executive vice president of sales, will host the podcast and deliver the latest on tire- and automotive-industry news. The podcast provides listeners with the inside scoop on tire releases, company updates, motorsports involvement, tire manufacturing, tire technology and more. Seven podcast episodes are already available for streaming.

Read the source article at Tire Review