Latest news with #TakashiShimizu
Free Malaysia Today
08-08-2025
- Automotive
- Free Malaysia Today
Toyo Tire lifts outlook, boosts US output to cushion tariff blow
Toyo Tire Corp began raising prices in June for passenger vehicle tyres manufactured in Japan and Malaysia that are exported overseas. (AFP pic) TOKYO : Toyo Tire Corp plans to absorb a ¥12.6 billion (US$85.6 million) tariff impact through price adjustments, a production mix overhaul, and a change in manufacturing strategy, including a ¥30 billion investment to expand its US output. The tyremaker will accelerate production of high-margin products such as its WLTR tyre used in both SUVs and pickup trucks at its plant in Georgia, with operations set to begin in 2027. 'As our most important market, we are committed to expanding our presence in North America,' CEO Takashi Shimizu said during an earnings briefing today. North America accounted for 66% of the company's total revenue last fiscal year. Toyo began raising prices in June for passenger vehicle tyres manufactured in Japan and Malaysia that are exported overseas. It also aims to expand market share in Southeast Asia and Europe, backed by R&D investment tailored to the European market. The company raised its full-year operating profit forecast to ¥90 billion, up from ¥85 billion, after posting record first-half revenue. 'We might be able to reach ¥95 billion to ¥97 billion, but considering the potential impact of US inflation and economic slowdown, we set our guidance accordingly,' Shimizu said. If Japan succeeds in negotiating a 15% tariff rate for automotive and parts imports to the US, the company said it estimates a cost saving of around ¥2 billion.
Bloomberg
08-08-2025
- Automotive
- Bloomberg
Toyo Tire Lifts Outlook, Boosts US Output to Cushion Tariff Blow
Toyo Tire Corp. plans to absorb a ¥12.6 billion ($85.6 million) tariff impact through price adjustments, a production mix overhaul and a change in manufacturing strategy, including a ¥30 billion investment to expand its US output. The tiremaker will accelerate production of high-margin products such as its WLTR tire used in both SUVs and pickup trucks at its plant in Georgia, with operations set to begin in 2027. 'As our most important market, we are committed to expanding our presence in North America,' Chief Executive Officer Takashi Shimizu said during an earnings briefing on Friday. North America accounted for 66% of the company's total revenue last fiscal year.
