Latest news with #tyremaker
Reuters
11-08-2025
- Automotive
- Reuters
Goodyear India's first-quarter profit falls on weak auto demand
Aug 11 (Reuters) - Tyremaker Goodyear India ( opens new tab reported a 43.6% fall in first-quarter profit on Monday, hurt by dampened automobile demand. The net profit of U.S.-based Goodyear Tire's (GT.O), opens new tab Indian unit fell to 141.1 million rupees ($1.61 million) for the three months ended June 30, from 250.3 million rupees a year ago. Goodyear India, which sells tyres, tubes and flaps, depends on auto sales for a large part of its revenue. Total vehicle sales in the country fell 5.1% in the quarter ending June, compared to 16.4% growth in the same period last year, according to Society of Indian Automobile Manufacturers data. The tyremaker's revenue from operations fell 5.1% to 6.56 billion rupees. The company said that increasing adoption of larger rim sizes in vehicles is expected to drive robust sales in the replacement business this year in its latest annual report. Total expenses fell 3% to 6.42 billion rupees, but not enough to boost the bottom line. Rival CEAT ( opens new tab reported a fall in June-quarter profit, while MRF ( opens new tab is yet to report its quarterly results. Goodyear India's shares are flat on the day and rose 16.8% in the quarter ended June 30. ($1 = 87.6212 Indian rupees)
Reuters
24-05-2025
- Business
- Reuters
Pirelli in risky situation without a deal with Sinochem, CEO tells Corriere
MILAN, May 24 (Reuters) - Italian tyre maker Pirelli ( opens new tab is in a risky situation after its Chinese leading shareholder Sinochem rejected a proposal by the company to solve governance issues that could hinder its expansion in the United States, the group's CEO told daily Corriere della Sera on Saturday. Pirelli and its second-largest shareholder, Italy's Camfin, have said Sinochem's shareholding was posing risks to the tyre maker's ambitions to expand in the U.S., where some lawmakers are opposed to approving projects backed by Chinese companies. The company had put forward a proposal to solve these governance issues, without releasing details on it, but earlier this month Pirelli's Chinese shareholder firmly rejected it. "The goal is to find solutions that can guarantee Pirelli to operate in all markets of the world, particularly the U.S., without constraints and restrictions, thinking only of the company's industrial development," Pirelli CEO Andrea Casaluci said in an interview published on Saturday. Pirelli makes over 20% of its revenue in North America and the percentage is 40% for sales of high-value products. "Without a solution, the development of Pirelli's relevant technologies would be compromised and consequently future growth would also be at great risk, in all markets and especially in Italy," Casaluci said, adding that the group plans to expand its research and development activities in its home country. Casaluci also said that Sinochem has presented its own proposal on the governance to the Italian government - which has so-called golden powers to block or limit foreign influence on domestic groups considered strategic - without consulting with the group. Contacted by Reuters Pirelli and Sinochem were not immediately available to comment the interview.
