Mumbai, India – The European tire-pricing scenario continues to be weak, according to Apollo Tyres’ chief financial officer Guarav Kumar.
Kumar made the comment during a 7 Aug first-quarter conference call, adding that his company would be monitoring price moves by other major tire makers in Europe.
“There were price increases earlier announced on winter tires on account of raw material [costs] that had shot up in the first-half,” said Kumar.
But, with a subsequent reversal in raw material prices, Apollo’s CFO said “some of the players are not going through with the announced price increases.”
Kumar went on to note that Apollo was more of a “price follower” in Europe, saying the company will be “waiting and watching the industry.”
“Given our size within the context of the European market… we will not be able to go ahead with [a previously-announced] price increase if some of the global majors do not go ahead with that,” he said.