Financial
A relatively quiet year in global tire industry investment into new capacity ramped up solidly in recent weeks, as large-scale expanion projects disclosed by Bridgestone Americas Inc. and Hankook Tire America Corp. pushed the industry total past the $7 billion level.
Tire makers large and small brought new capacity on stream in the past year in the form of eight greenfield factories and numerous expansions.
Many of the top publicly traded tire makers posted higher sales in the first half of 2022, and several raised their fiscal outlook for the remainder of the year, though others expressed caution about the "headwinds" facing the industry.
The National Retail Federation is calling on the Biden Administration and Congress to repeal import tariffs on goods from China to help rein in "rampant" inflation and reduce the cost of consumer goods.
The top three importers of passenger tires to the U.S. — Thailand, Mexico and Indonesia — account for nearly half of the imports in this category.
Major tire makers enjoyed a surge in sales during the third quarter, ended Sept. 30, although earnings performance was mixed.
The move was due mainly to lower demand from the automotive industry, which is currently experiencing serious supply chain disruptions.
Maxam Tire Latin America announced it will acquire and control the full equity interest in the company's joint venture.
This is the third price hike for Toyo in the U.S. this year.
Nokian said it aimed to achieve the goal through organic growth ahead of the market and increasing share in all key markets.