Nokian Tyres, one of the leading European tyre manufacturers, has announced its financial performance for Q3 CY2024.

The company reported net sales of EUR 313.6 million, up 13.6 percent YoY and operating profit of EUR 4.13 million, down 50.6 percent YoY.

On the other hand, for the January to September 2024 period, the net sales grew by 8.7 percent to EUR 874.8 million, and a net loss of EUR 13.6 million. The company attributes the impact on its financial performance due to the Red Sea crisis and the political strikes in Finland, which caused production loss, shipment delay and increased logistics costs.

But on the flip side, the company’s new Romanian facility is on track to be completed within the stipulated time and budget. The commercial production will start in early 2025. In August, the European Commission also approved a EUR 99.5 million Romanian state aid measure to be paid to support the establishment of the Romanian factory.

Jukka Moisio, President and CEO, Nokian Tyres, said, “In July–September 2024, our net sales increased clearly, and we gained market share. This is a strong sign that customers continue choosing Nokian Tyres as we now have improved passenger car tire availability, both in Central Europe and the Nordics. Segments operating profit improved driven by sales volume growth and lower raw material costs. However, the car and tyre market is weak, and the current economic uncertainties make it difficult to estimate the market and consumer behaviour.”

“In September, only 16 months from the groundbreaking, we reached a significant milestone as we celebrated the opening of our new zero CO2 emission tyre factory in Romania. The construction process was exceptionally efficient, and I would like to thank the entire Nokian Tyres team who made this achievement possible, as well as the Romanian government and authorities for their invaluable support. The new capacity enables us to better serve our customers and helps strengthen our position, especially in Central Europe. In the US, we have finalised the investment phase in the Dayton factory, enhancing our capabilities to produce tires tailored for North American consumers.

Japanese tyre major Yokohama India has rolled out made-in-India premium 19-inch tyres, which it says are specially designed for high-end luxury SUVs.

The company has started localised manufacturing of the tyres at its Bahadurgarh facility in Haryana.

The tyre maker is banking on the growth of premium SUVs in India, which saw a 34 percent growth in FY2024. The products will be available under Yokohama’s popular 'Geolandar' series for SUVs, where it offers the mud-terrain, extreme all-terrain, all-terrain, and highway terrain tyres. The new Geolandar X-CV has also been made available through the company’s network of over 3,000 retailers in the country.

Harinder Singh, CEO, and MD, Yokohama India, said, “The 19-inch Geolandar X-CV tyres are a testament to Yokohama’s ‘GLOCAL’ strategy — blending cutting-edge global technology with local needs to deliver a product that meets the demands of Indian motorists. What makes this release even more significant is that these tyres are proudly ‘Made in India,’ underscoring our commitment to providing world-class quality while strengthening local manufacturing capabilities. This move aligns with the growing trend of larger rim sizes and the booming luxury SUV segment in India. In response to the growing requirement, we are also preparing to release 20-inch tyres soon, with our current manufacturing facilities capable of producing tyres up to 24 inches. This reinforces Yokohama’s positioning in the high-end tire market.”

Bekaert announced plans to reorganise its activities at the Bekintex site in Wetteren, Belgium, including reducing its workforce and relocating its micro heating cable production platform to another Belgian location.

The plan will directly impact 61 jobs.

Bekaert said the move is necessary to adjust its operations to challenging market conditions. Management emphasised its priority on minimising the impact on employees.

In accordance with the Renault Law, Bekaert will soon begin discussions with social partners.

The European Tyre and Rubber Manufacturers’ Association (ETRMA) shared its key policy recommendations with EU legislators, which were designed to support the European twin transition and contribute to Europe's automotive ecosystem's competitiveness, sustainability, and innovation.

The European tyre industry is a cornerstone of European manufacturing, contributing nearly € 44 billion to the EU GDP and employing close to 500,000 people. However, high energy, labour, and raw material costs, coupled with strong price competition from tyres produced outside the EU, have negatively impacted the industry's competitiveness. The industry now requires a boost alongside the rest of the automotive ecosystem.

The policy paper's recommendations must be accompanied and supported by a broader strategy that recognises the critical nature of the entire automotive supply chain, reduces bureaucracy, and carefully assesses all levers at the Commission’s disposal that could impact production prices.

ETRMA’s proposals focus on actionable steps to advance the EU’s twin transitions and global competitiveness:

1. Establish a sector-specific regulation for access to in-vehicle data to boost innovation and enhance safety.
2. Harmonize End-of-Waste Criteria for Tyres
3. Promote Retreaded Tyres to Support Circular Economy Goals
4. Promote Best-Performing Tyres to Enhance Safety and Reduce Emissions
5. Facilitate the implementation of the EU Deforestation Regulation and define an EU Rubber Strategy

Continental’s UltraContact NXT, the company’s most sustainable tyre series to date, has won the CLEPA Innovation Award in the “Green” category. The European Association of Automotive Suppliers thus recognises Continental’s commitment to sustainability.

“With the UltraContact NXT, Continental has combined maximum sustainability with best-in-class performance. We are proud that the jury of the CLEPA Innovation Award has recognised this technological achievement,” said Catherine Loss, Head of Program Management Tires EMEA at Continental, who accepted the award in Brussels.

Depending on the tyre size, the UltraContact NXT incorporates up to 65 percent renewable, recycled and ISCC PLUS mass balance certified materials. Renewable materials account for up to 32 percent, while recycled materials contribute up to five percent. Additionally, Continental sources up to 28 percent ISCC PLUS mass balance certified materials from biological, bio-circular and circular raw materials.

All available dimensions achieve the top EU tyre label rating (“A”) for rolling resistance, wet braking and exterior noise.

The CLEPA Innovation Award is presented annually by CLEPA, the European Association of Automotive Suppliers, to honour the most innovative products and technologies in the European automotive industry.