News & Events

29May

Saudi Arabia Tire market set to grow by 12% each year

Saudi Arabia is the largest market for tyres and tubes in the Middle East region ,with more than 13 million tyres being imported annually and a market that is set to grow by 12 % each year. This growth, fuelled by an economy riding on high oil prices, high disposable incomes and an unflagging appetite for all things automobile, means that the Kingdom is firmly in the sights of tyre and tube manufacturers worldwide.

According to industry figures, the Saudi Arabian import bill for tyres is worth approximately US$800 million. This includes automotive tyres for light vehicles such as passenger cars, pick-ups, SUVs and LCVs; tyres for trucks and commercial vehicles; and aircraft tyres. With millions of vehicles on the road, the prospects for future growth, both in the Kingdom and the wider region, is bright, as car ownership is on the increase.

18Apr

Goodyear reports record revenues for the first quarter

Goodyear posted net income of $103 million for the first quarter, compared with a net loss of $47 million in the year-earlier period, while posting record sales of $5.4 billion. The record revenues were a 27-percent improvement from the 2010 quarter as tire unit volumes rose 7 percent to 46.8 million tires. Goodyear posted segment operating income of $327 million for the first quarter, up 36 percent from 2010. That reflected higher volume as well as an improved price/mix of $361 million, which nearly offset $385 million in higher raw material costs.

7Mar

China sees increased market share for domestic brands

The year-on-year rise of a third in light vehicle sales in China last year was coupled with a 1.3 per cent gain in market share for domestic brands, a statement from the China Association of Automobile Manufacturers claims. 6.3 million of the total 13.8 million units sold in 2010 were Chinese. “Compared with the previous year, the market share of Japanese and Korean brands dropped slightly while that of German, American and French brands inched up,” stated CAAM