A report by Oxford Economics for the European Tyre and Rubber Manufacturers’ Association (ETRMA) has revealed that the European tyre industry has made a significant contribution to the European Union’s economy in 2023.

The report, which was published today, disclosed that the tyre manufacturing sector has made an estimated total contribution of around EUR 44 billion to the European Union’s GDP in the year 2023, as well as sustained around 500,000 jobs across the region.

Providing critical insights into the industry's contribution to international trade and long-term productivity driven by its extensive research and development (R&D) activity, the report further highlighted the tyre industry's R&D investment of EUR 10 billion between 2017 and 2023, which is expected boost productivity to the tune of EUR 4.6 billion to GDP across the EU in 2035.

Chris Delaney, President, ETRMA, said, "The report confirms the tyre sector's indispensable role in economic growth, innovation and productivity, which are all vital for Europe's industrial competitiveness. Tyres are not just about mobility - they are about keeping the economy moving forward."

Adrian Cooper, CEO, Oxford Economics, said, "Our research demonstrates the significant contribution of tyre manufacturers to the EU economy, which extends beyond their own operations. For instance, our analysis demonstrates that for every 1,000 people employed in the EU tyre manufacturing industry in 2023, an additional 3,500 jobs were supported in other parts of the EU economy through the industry’s expenditure. In addition, the total tax contribution stimulated in the same year would have been sufficient to pay the wages of around 300,000 teachers, medics and social workers across the EU.”

Adam McCarthy, Secretary General, ETRMA, said, "This research underlines the considerable impact of the tyre industry on Europe’s economy and society. However, there are increasing challenges, such as high energy costs, to maintaining a strong manufacturing footprint in Europe. We call for future regulations to continue to support our industry's contribution to Europe's transition to a more competitive and sustainable future.”

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Hankook Tire is gearing up to electrify the 2024/2025 ABB FIA Formula E World Championship as the series returns to Jakarta on 21 June for Round 12 of Season 11.

After a one-year absence, the Jakarta International E-Prix Circuit (JIEC) will once again host the high-speed spectacle, set against the vibrant backdrop of Ancol’s shoreline. The 2.37-km track, celebrated since its debut in Season 8, blends high-speed straights, sweeping turns and a technical final section – inspired by the rhythmic flow of Java’s traditional Kuda Lumping dance. The challenging layout, combined with Jakarta’s intense tropical heat, will test drivers’ skill, endurance and tyre strategy to the limit. Powering every team will be Hankook’s GEN3 Evo iON Race tyre, purpose-built for Formula E’s cutting-edge electric race cars. Its advanced tread design and specialised rubber compound ensure superior grip, stability and heat resistance – key to handling Jakarta’s demanding conditions.

Sustainability remains a core focus, with the tyre incorporating 35 percent eco-friendly materials, including natural rubber and recycled fibres. Designed for extended durability, each tyre is fully recovered post-race and processed through Hankook’s recycling programme, reinforcing the brand’s commitment to reducing motorsport’s environmental footprint while pushing the boundaries of electric racing performance.

Maximilian Günther, the DS Penske driver and winner of 2023 Gulavit Jakarta E-Prix (Race 10), and most recently, the 2025 Jeddah E-Prix (Race 3) and 2025 Hankook Shanghai E-Prix (Race 10), said, “Jakarta delivers a unique blend of technical complexity and extreme climate. It’s a true proving ground for drivers and tire management. The enhanced grip of the GEN3 Evo iON Race tyre allows us to push harder through technical sectors without sacrificing traction. We’ve already observed gains during simulator sessions, and we’re optimistic about translating that into on-track performance.”

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The Yokohama Rubber Co., Ltd. has signed a Mizuho Eco Finance (Mizuho Environmentally Conscious Finance) loan agreement with Mizuho Bank, Ltd. on 17 June, reinforcing the company’s dedication to sustainable growth and decarbonisation.

This environmentally conscious financing programme supports companies transitioning to a decarbonised society by evaluating their climate-related initiatives and disclosures. Yokohama Rubber qualified for the loan after achieving high scores in Mizuho Bank’s environmental assessment, which examines corporate efforts in emissions transparency, greenhouse gas reduction and long-term sustainability goals.

The company has committed to reducing CO₂ emissions by 40 percent by 2030 (compared to 2019 levels) and achieving carbon neutrality by 2050. These targets, along with Yokohama Rubber’s focus on emissions reduction across its supply chain, contributed to its strong evaluation. Under its sustainability slogan, ‘Caring for the Future’, the company integrates social responsibility into its business strategy, aiming to create shared value by addressing global environmental challenges.

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The Court of King’s Bench of Alberta has ordered NOVA Chemicals Corporation to pay Dow Inc. an additional USD 1.2 billion in damages related to losses from the companies’ jointly owned ethylene assets in Joffre, Alberta.

The judgment, signed on 10 June, relates to losses Dow incurred from the asset. The award includes interest to 7 April  2025 but excludes subsequent interest or legal costs. Payment is anticipated to occur in the fourth quarter of 2025.

The latest ruling adds to a prior payment by NOVA to Dow of approximately USD 1.08 billion in damages in 2019 following a June 2018 court decision.

That decision found NOVA had failed to operate the jointly owned ethylene asset at full capacity and had breached contractual obligations since 2001, resulting in reduced ethylene supplies to Dow.

On appeal, the court directed that Dow’s damages be recalculated for the period from 2001 through 2012, as well as for the period from 2013 through June 2018, which had not yet been quantified.

The judgment is subject to appeal, the companies said.

The dispute centres on the operation of the ethylene facility, with Dow claiming it suffered losses due to NOVA’s failure to meet production capacity and contractual commitments over nearly two decades.

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French tyre manufacturer Michelin will become the exclusive supplier for the FIM Superbike World Championship from 2027 through 2031, marking its return to the series after more than two decades.

The deal represents a significant expansion of Michelin’s motorsport portfolio, adding to its existing partnerships in MotoGP and MotoE racing series. The company plans to leverage technology developed in premier motorcycle racing categories for the WorldSBK competition.

“We are very pleased to be able to commit so quickly to a world-class motorcycle racing championship starting in 2027,” said Matthieu Bonardel, Director of Michelin Motorsport. “The WorldSBK offers an ideal environment to bring our technologies even closer to those used by all riders, whether on the track or the road.”

The championship features motorcycles derived from production models, allowing for faster technology transfer from racing to consumer tyres compared to prototype-based series. Michelin highlighted this as a key advantage for developing products aimed at sport motorcycle enthusiasts.

WorldSBK’s audience consists primarily of riders who own supersport motorcycles, making it an attractive platform for Michelin to showcase performance technology that can translate to road use.

Michelin previously competed in WorldSBK during the early 2000s, securing 12 titles in an open-competition environment before withdrawing from the series. The French manufacturer has maintained a strong presence in motorcycle racing through its MotoGP involvement.

The Clermont-Ferrand-based company, which operates in 175 countries and employs 129,800 people, has positioned itself as a leader in high-performance tyre technology whilst emphasising sustainability initiatives across its motorsport programmes.

Financial terms of the exclusive supply agreement were not disclosed.

The deal comes as motorcycle racing continues to grow globally, with manufacturers increasingly viewing championship participation as crucial for technology development and brand positioning in the performance motorcycle segment.

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