ERJ Tracker: Global pandemic response

Latest news on the how the global Covid-19 pandemic is impacting manufacturing and supply-chain activities as well as scheduled exhibitions, conferences and meetings throughout the tire & rubber industries worldwide:

 

 

 

Wednesday 12 Aug

RubberTech China to go ahead as planned

RubberTech China 2020 will take place 16-18 September in Shanghai, as previously planned, according to event organiser China United Rubber Corp (CURC). Read more

 

UK chemicals industry reports halt in 2020 declines 

After months of severe business declines, UK chemicals manufacturers are now reporting stability or improvement, according to the Chemical Industries Association (CIA). Read more

 

Toyo first half results down double-digits

 Toyo Tire Corp. posted 48.3% lower operating income for the six months ended June 30 on 15.7% lower sales, prompting management to project double-digit declines in sales and earnings for the full fiscal year. Read more

 

Datwyler confident about second half 

Datwyler Holding is “generally confident” about the second half of 2020, despite a “massive slump” in demand within its automotive and oil industry target markets. Read more

 

Sumitomo dips into red

Sumitomo Rubber Industries Ltd. (SRI) fell into the red on an operating and net basis for the six months ended 30 June on 21% lower sales, reflecting "extremely harsh" global economic conditions during the Covid-19 pandemic. Read more

 

Cooper Standard sees "bright spots" in challenging second quarter

Northville, Michigan-based Cooper Standard has reported net loss of $134 million in the first half, as second quarter poses “unprecedented challenges”. Read more

 

World Rubber Summit 2020 cancelled

The World Rubber Summit 2020 (WRS 2020) has been cancelled and the next edition of the event will be held in 2021, according organisers, the International Rubber Study Group (IRSG). Read more

 

Bridgestone results down double-digits in first half

Bridgestone Corp. posted a 68.3% drop in operating income and a net loss for the six months ended 30 June on 22.1% lower sales. Read more

Rubber goods, ATG keep Yokohama in the black

The Covid-19 pandemic has severely impacted Yokohama Rubber Co.’s profits in the first half, as demand particularly declined in the tires segment. Read more 

 

Cabot expects "significant" pick-up in demand

Despite a 'dramatic Covid impact' on its third quarter sales and earnings, Cabot Corp. sees signs of recovery in the market as production starts to pick up in the automotive and tire industries. Read more
 

Rodolfo Comerio reports 15% growth in Q2 sales

Rodolfo Comerio, an Italian manufacturer of calendaring lines for rubber and PVC industries, has reported a 15% increase in second quarter revenue on the back of a “huge order hike”. Read more

NR consumption set for 2.6% increase

Natural rubber (NR) demand is set for a 2.6% increase in the three months to end of October, following seven months of consecutive declines, according to the latest data by the Association of Natural Rubber Producing Countries (ANRPC). Read more

 

VDMA: German rubber & plastics machinery segment in “nosedive” 

Following an ‘unsurprising' 6% decline in 2019, the German rubber & plastics machinery industry is now in a "nosedive" due to the Covid-19 global pandemic, according to the mechanical engineering industry association VDMA. Read more

Pirelli “contains” Covid effects, further cuts sales outlook

Despite double-digit declines in first half results and a net loss of over €100 million, Pirelli & C. SpA says it has 'contained' the effects of Covid-19 pandemic, learning from experience gained in China. Read more
 

Apollo sees June recovery in Indian replacement tire market 

Despite being ‘deeply impacted’ by Covid-19 pandemic, Apollo Tyres has seen a strong recovery in the Indian replacement market in the month of June. Read more

 

US auto trade show SEMA cancelled

The US-based Specialty Equipment Market Association (SEMA) has decided to cancel the 2020 edition of the event due Covid-19 and the uncertainty it presents for a major trade show. Read more

 

Wednesday 5 Aug

Conti expects car tire demand to “normalise” in third quarter

Continental AG’s Rubber Technologies Group has seen its earnings more than halved for the first half of 2020, but the group expects a slight recovery in the tire market in the second half of the year. Read more

Nokian first half sales, earnings drop amid global pandemic

Nokian Tyres plc has reported significant declines in both half year sales and earnings, as Covid-19 pandemic continued to take its toll on the business. Read more

Lower volumes weigh on Sibur elastomer sales

Sibur Holding has seen a double-digit decline in its elastomers sales for the first half of 2020, due mainly to lower volumes. Read more

Cooper eyes second half recovery after double-digit drops

Cooper Tire & Rubber Co. suffered an 83.2% drop in operating income in the quarter that ended 30 June on 29.6% lower sales, results attributed to the implosion of economic activity due to the global pandemic. Read more

 

Hankook second quarter sales, earnings fall

Hankook Tire has reported significant declines in sales and operating profit for the second quarter of 2020 amid the global economic downturn caused by Covid-19 pandemic. Read more

 

USTMA revises 2020 replacement market forecast up slightly

The US Tire Manufacturers Association (USTMA) is revising its 2020 tire shipments projection slightly upward, based on less pessimistic projections for replacement market shipments for the remainder of the year. Read more

 

Zeon’s elastomers unit reports "drastic" drop in results

Zeon Corp.'s elastomers business has reported a major drop in its results for the first quarter, ended 30 June, due to the weakening global economy which was hit by the “languishing US-China trade friction” and the outbreak of Covid-19. Read more

 

Goodyear optimistic despite 41% sales decline

While Goodyear fell into the red on an operating and net basis for the quarter and six months ended 30 June, company management said it believes the firm has positioned itself to recover from the impact of the Covid-19 pandemic and grow in the future. Read more

 

Trinseo believes worst of Covid now "behind us" 

While Covid-19 took a heavy toll on Trinseo SA’s second quarter sales and earnings, the company believes the worst business impacts of the pandemic are now behind it. Read more

Wacker reports weak results as demand declines

German chemicals supplier Wacker Chemie AG has reported declines in second quarter sales and earnings (EBITDA), as Covid-19 impacted demand and volumes. Read more

 

Wednesday 29 July

 

German auto supplier sets up production line for face masks

Automotive supplier KB Backhaus GmbH has expanded its manufacturing to include series production of face masks, in response to Covid-19 pandemic. Read more

 

Update: Michelin posts steep declines in sales, earnings

Group Michelin has seen its first half results significantly impacted by the Covid pandemic and the ensuing slow demand. Read more

 

US-based International Elastomer Conference goes virtual 

The ACS Rubber Division has made the decision to take its 2020 International Elastomer Conference virtual because of the continued impact of the coronavirus global pandemic. Read more

 

GPSNR general assembly 2020 to be held virtually

The second general assembly (GA) of the Global Platform for Sustainable Natural Rubber (GPSNR) will be convened virtually on 23 Sept, the organisation has announced. Read more

 

IRSG: Global rubber demand to fall 12% in 2020

Global rubber demand is expected to fall 12.6% year-on-year to 25.2 million tonnes in 2020, according to the latest figures published by the International Rubber Study Group (IRSG). Read more

 

Italian rubber & plastics machinery makers report ‘dire' trading conditions

Declining trade and low demand caused by Covid-19 pandemic have hit the Italian rubber & plastics machinery industry, with full recovery only likely in 2022, according to trade association Amaplast. Read more

 

US union alleges Covid safety violations at Kumho plant

The United Steelworkers and company officials are at odds over Covid-19 conditions at a Kumho Tire USA Inc. plant in Georgia. Read more

 

Polymer industry show Fakuma called off for 2020

The organiser of the Fakuma trade show has announced to exhibitors that it is canceling the 2020 event, which had been scheduled for 13-17 Oct. Read more

 

Enviro, Michelin extend partnership deal as Covid stalls talks

Michelin and Swedish tire pyrolysis company Scandinavian Enviro Systems (SES) have extended a letter of intent, signed earlier in the year, to establish a strategic partnership. Read more

 

NGO urges EU to condition Covid support to environmental commitment

As the EU heads of state finally agree on a Covid-19 recovery plan, environmental campaign group Mighty Earth has called for a revival of the tire & rubber industry in line with the European Green Deal. Read more

Covid saw 90,000 short-time workers in German chemicals industry

German chemicals industry saw nearly 90,000 employees put on short-time scheme as Covid-19 peaked in the country in early May. Read more

 

Wednesday 22 July

 

Trelleborg launches €70m restructuring plan 

Trelleborg AB's announcement of restructuring measures on 20 July follows a challenging first half of trading for the Sweden-based rubber-based products and systems manufacturer.  Read more

 

Hexpol sales, profits plummet as Covid lowers demand

Slow demand caused by Covid-19 has resulted in double-digit drops Hexpol AB’s half-year results as the Swedish group continues ‘intensive work’ to cut costs. Read more

Elkem breaks even, silicones profits hit by Covid

Elkem SA has reported a flat second quarter despite slow demand and the challenges posed by Covid-19 pandemic. Read more

 

Wednesday 15 July
 

EU tire markets post "worst results", full recovery “far away”

European replacement tire markets have posted their "worst results" in the second quarter and a full recovery is still “far away”, according to the latest figures published by the European Tyre and Rubber Manufacturers’ Association (ETRMA)”. Read more

 

Conti looks to save ‘several hundred million euros’, cut jobsContinental AG is looking to reduce investment, decrease working capital and cut labour and material costs in a bid to address the financial impact of the Covid-19 pandemic. Read more
https://www.european-rubber-journal.com/news/conti-looks-save-several-hundred-million-euros-cut-jobs

 

Italy's Autopromotec postponed until 2022

The organiser of Autopromotec, the biennial exhibition of automotive equipment and aftermarket products held in Bologna, has canceled the 2021 edition of the show and rescheduled it for late May 2022. Read more

 

ETRMA, automotive value chain welcome EU skills agenda

A grouping of four European automotive value chain associations, including the European Tyre & Rubber Manufacturers’ Association (ETRMA), have voiced their support for a skills agenda which was presented to the European Commission 1 July. Read more

ANRPC: Natural rubber prices on recovery track

A recovery trend for natural rubber (NR) prices observed in late May and early June in the Far East markets has been broken, due in part to fears of a second wave of Covid-19 pandemic, according to the Association of Natural Rubber Producing Countries (ANRPC). Read more

 

Wednesday 8 July

 

UK supplier develops anti-microbial silicone for Covid masks 

Silicone Engineering Ltd has launched a new “groundbreaking” anti-microbial silicones material for Covid-19 face shields used by healthcare, retail and hospitality workers. Read more

Gates donating €470k to global Covid response teams

Gates Corp. is donating more than $530,000 (€470,000) to organisations responding to Covid-19 pandemic globally, the US supplier of fluid power and power transmission systems announced 1 July. Read more

 

Wednesday 1 July

 

Dunlop Aircraft Tyres to cut 200 jobs as Covid impacts demand

Consultation has started between Dunlop Aircraft Tyres Ltd (DATL) and trade unions over plans to cut 200 jobs at the Birmingham-based company, as Covid-19 takes its toll on the aviation industry. Read more

Sensata to cut 160 jobs at Northern Ireland TPMS production factory

Sensata Technologies is planning to cut 160 jobs at its tire pressure monitoring systems (TPMS) production facility in Antrim, the company has announced. Read more

Organisers cancel 2021 Geneva Motor Show

The Geneva auto show will not be held in 2021, the organisers have announced. Read more

 

Wednesday 24 June

 

Michelin says can weather Covid crisis

Michelin has announced that it has taken the necessary measures to strengthen its financial backbone to weather the Covid-19 crisis without drawing down its confirmed lines of credit. Read more

 

Bridgestone top execs to take pandemic-related pay cuts

Bridgestone Corp.'s top executives have agreed to take cuts of up to 30 percent in their compensation packages for fiscal 2020 in line with the company's efforts to deal with the economic impact of the Covid-19 pandemic. Read more

 

UK chemicals sector reports 60% decline in order books, sales

The UK’s chemicals industry has registered a “major decline” in order books and current sales, due to the Covid-19 pandemic, according to the latest supply chain trends survey by the Chemical Business Association (CBA). Read more

 

Desma injection moulding machines for face masks

Due to urgently needed face masks, Desma made an express delivery of an injection moulding machine including installation and start-up possible for a Spanish customer. “The production could be started so quickly that even the Spanish TV reported about it,” said a 12 June release from the German machine maker.

 

Covid to cause 'major setback' in aircraft tires market

Aircraft tire suppliers are likely to suffer ‘major setback’ in growth due to the global Covid-19 pandemic and the subsequent grounding of aviation business, a recent research by US-based Global Market Insights suggests. Read more

 

European car plants reopen, with output well below capacity

Most European auto assembly plants have reopened after weeks or even months of inactivity under coronavirus lockdowns, but few are operating at anything close to full capacity, automakers and analysts say. Read more

 

Thursday 18 June

Michelin cites Covid for output cut at US aircraft tire plant

Michelin North America Inc.'s aircraft tire plant in Norwood is operating at reduced hours due to the economic impact of Covid-19. Read more

 

 

JK Tyre reports fourth quarter loss due to pandemic

India’s JK Tyre & Industries Ltd (JK Tyre) has reported a consolidated net loss of INR530 million (€6 million) for the fourth quarter of the financial year ended 31 March, due mainly to Covid-19 pandemic.  Read more

 

UK association warns against waste tire stockpiling amid Covid relaxation

The Tyre Recovery Association (TRA) has warned against the increased risk of ‘dead-end’ storage of waste tires by operators due to the Covid-related relaxation of stockpile permitting rules.  Read more

 

EU new car demand fall 52% in May

The European passenger car market suffered another sharp year-on-year drop in May, with registrations falling by 52.3%. Read more

 

Goodyear seeing signs of US retail business recovery

While Goodyear expects its tire sales volume to drop roughly 50% in the quarter ending 30 June, it's seeing business at the retail level returning to near pre-Covid-19 pandemic levels, CFO Darren Wells told analysts in a 10 June conference call. Read more
 

Thursday 11 June

 

Tire makers take action

Tire makers large and small are implementing a range of measures designed to mitigate the expected financial impact of what many see as the potential for a deep and drawn-out pandemic-induced recession. Read more

 

US tire show to be held virtually

The International Tire Exhibition & Conference (ITEC), scheduled to be held in Akron this summer, will switch to a virtual format due to health concerns and travel restrictions caused by Covid-19, organisers have announced. Read more

 

Wednesday 10 June

 

Consulting group predicts 32% decline for European car market 

European auto sales could fall by at least 32% this year to 14.1 million units from 20.6 million in 2019 because of the coronavirus crisis, the largest decline among major markets, US consulting group AlixPartners has said. Read more

 

US associations calls for Covid liability protections

The US hosing association as well as other businesses are seeking liability protection from Congress against what they consider frivolous lawsuits stemming from the Covid-19 outbreak. Read more

Tuesday 9 June

Tire makers expecting significant declines in Q2 results

Major tire makers expect an 'even worse' second quarter results due to Covid-19 pandemic and its effects on production and demand. Read more

 

Pirelli offers serological Covid tests for Italian staff

Pirelli in cooperation with the San Raffaele Hospital and the University of Milan, is offering serological screening for Covid-19 to more than 3,000 employees in Italy. Read more

Monday 8 June

 

Bridgestone US plant sees more Covid cases

Production has ‘safely’ continued at Bridgestone Americas' farm tire plant in Des Moines despite a rise in confirmed cases of Covid-19 among employees, the company said in a recent statement. Read more

 

Goodyear volumes dropping 50%

Goodyear is forecasting tire volumes will plunge roughly 50% in the second quarter versus the same period in 2019, or roughly 25 million units, as a result of the global Covid pandemic.  Read more

 

Friday 5 June

 

Production restarts at Michelin's plants in Mexico 

Michelin has restarted production at its plants in Leon and Queretaro, Mexico, "in accordance with the stipulations and recommendations" by the federal government and the Secretary of Health of Mexico. Read more
 

 

Wednesday 3 June

Engel develops Covid swabs

Injection moulding machinery maker Engel Austria and German moulding specialist Hack Formenbau have joined hands to deliver an ‘integrated system’ for high-volume production of test swabs for Covid-19. Read more

 

Arlanxeo produces disinfectants to help Covid fight

Arlanxeo is producing more than 10,000 litres of hand sanitiser in Dormagen, as part of its efforts to help curb Covid-19 pandemic. Read more

RIEG to hold technical session online

UK-based Rubber in Engineering Group (RIEG) is holding is next afternoon technical discussion meeting online due to Covid-19 pandemic. Read more

 

Tuesday 2 June

Cooper restarts production at Mexican tire plant

Cooper Tire & Rubber Co. has begun the process of restarting production at its tire plant in El Salto, which has been idled since 28 April. Read more

Yokohama restarts US tire plant 

Yokohama Corp. of North America has announced plans to restart production at its passenger/light truck tire plant in Salem, ending eight weeks of being idled due to the Covid-19 pandemic. Read more

Michelin taking Movin' On Summit online 

Group Michelin has organised a series of digital presentations under its "Movin'On Summit 2020" banner to cover some of the topics originally scheduled for the now-cancelled three-day "sustainable mobility challenge" event in Montreal. The Movin'On Digital Meetings will be held 3-4 June and will be available to all interested parties.

GRI implements safety procedures at all facilities

Sri Lanka’s Global Rubber Industries (Pvt.) has implemented strict operational procedures as its plants remain open and operational during the global Covid-19 pandemic. Among the steps GRI has taken at its factories to minimise exposure are sanitising facilities regularly and holding regular mock drills to prepare for any situations.
 

Wednesday 27 May

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European bodies call for ambitious auto recovery plan

A grouping of European business organisations and trade bodies, including the European Tyre & Rubber Manufacturers’ Association (ETRMA), have called for a “bold industrial recovery plan” to revive the region’s automotive sector following Covid-19 pandemic. Read more

 

Tuesday 26 May

 

Nokian profits fall 70%

Nokian Tyres plc has reported double-digit declines in both sales and profits for the first quarter of 2020, due mainly to Covid-19 pandemic and lower volumes in Russia. Read more

Pirelli launches welfare initiative for employees 

Pirelli & C. SpA has launched a ‘strictly-online’ welfare initiative for its employees and their families to support them through the Covid-19 emergency. Read more

New dates announced for rubber event RubberCon 2020

New dates have been announced for global rubber event RubberCon 2020 which was delayed due to Covid-19 pandemic. Read more

New York auto show cancelled amid crisis conditions

Organisers of the New York auto show are cancelling the event this year after having pushed back the show until August. The decision was made due to the ongoing coronavirus pandemic and the venue's use as a field hospital, Reuters reported.

Jaguar Land Rover seeking UK virus aid package

Jaguar Land Rover is seeking a government aid package to weather a collapse in car sales brought on by the coronavirus pandemic, according to ERJ sister publication Automotive News Europe. The UK-based automaker is in talks to borrow more than £1 billion (€1.1 billion) through the British government's emergency lending program, Bloomberg and Sky News reported, citing people familiar with the matter.
 

Friday 22 May

Yokohama Rubber Q1 profit plunges 90%

The Yokohama Rubber Co. has seen its first quarter profits drop sharply due in part to slow demand caused by Covid-19 pandemic. Read more

 

NR prices show signs of recovery

Natural rubber (NR) prices have recovered slightly from a sharp downtrend registered over the recent months. Read more

 

Report: Renault may close French plants to cut costs

Renault is considering closing component and assembly plants in France as part of a €2bn cost-cutting plan, French news media reported. Among the factories said to be in danger are Renault’s assembly plant in Flins, near Paris, according to reports in financial daily Les Echos and the political newspaper Le Canard Enchaine.

Wednesday 20 May

 

Bridgestone announces new temporary production halts in Japan

Bridgestone Corp. has announced a temporary phased shutdown of a number of its plants in Japan in response to what it described as the “market situation and decline in the demand”. Read more

 

Nokian testing Russian employees

Nokian Tyres announced 19 May that it had started testing all employees at its production factory in Vsevolozhsk, Russia. The testing is expected to last approximately three weeks, while production will continue during the testing period.  The Finnish tire maker also announce that it had resumed construction work on its 
testing centre in Santa Cruz de la Zarza, Spain.

Toyo Tire reports 32% decline in profitability

 

Toyo Tire Corp.'s first quarter results were impacted by a “sharp downturn” in consumer spending due to the outbreak of Covid-19 pandemic, the company announced 12 May. Read more

Sumitomo Rubber's Q1 profits drop 54% on lower sales volume

Sumitomo Rubber Industries Ltd.'s (SRI) operating profit for the quarter ended 31 March fell 54.1% to $25.3 million (€23 million) on 9.7% lower sales as the company dealt with the global economic impact of the Covid-19 pandemic. Read more

 

Tuesday 19 May

 

EU car demand falls 76%

New-car registrations in the European Union fell 76.3% year-on-year to 270,682 units during the month of April, registering the sharpest monthly drop in car demand since records began. Read more 

 

Hankook sales, profit hit

Hankook Tire has reported double-digit declines in sales and operating profit for the first quarter due in part to low demand caused by Covid-19 outbreak. Read more

Monday 18 May

 

Toyo withdraws 2020 financial outlook

Toyo Tire Corp. has withdrawn its full year financial forecast for the year ending 31 December, due to uncertainties caused by Covid-19 pandemic. Read more

 

German rubber industry poised for double-digit decline

The German rubber industry is bracing for a “difficult phase” as Covid-19 pandemic hits the industry. Read more

 

Mercedes suspends US production

Daimler is suspending production at a Mercedes-Benz SUV plant due to a shortage of parts supplied from Mexico, Bloomberg reported 15 May. The Vance, Alabama, operation will not build vehicles next week, according to an internal notice viewed by Bloomberg. 

 

Friday 15 May

 

Pirelli to resume production in UK shortly

Pirelli UK is to restart production at its tire manufacturing plants in Carlisle and Burton-on-Trent as of 18 May. Read more

 

Cabot braces for ‘severe Covid impact’

Cabot Corp. has seen a decline in second quarter results for its reinforcement materials segment as a result of Covid-19 pandemic but expects even more significant impact in the coming months. Read more

 

Suppliers increasingly worried about recovery

    
European automotive suppliers are feeling increasingly concerned about the impact of Covid-19 on their businesses, a new survey has found. Read more

 

DuPont idles 50% of polymers capacity

DuPont has temporarily shut 50% of its plastics and elastomers capacity: idling production at several sites within the group's Transportation & Industrial unit. The move is in response to the downturn in automotive demand caused by the global pandemic, CEO Ed Breen told analysts in a first-quarter earnings call.

 

BMW expects very slow recovery in EU, US

Despite a rebound in China in April, BMW expects markets in Europe and the US will be "very slow" to recover from the corona pandemic, according to Reuters. After China sales fell 88% in February, deliveries rose 14% in April, thanks to pent-up demand in a market where vehicle ownership is relatively low by global standards, BMW said.

 

Thursday 14 May

 

Pirelli sales, profitability fall amid Covid crisis

Pirelli’s first quarter results were strongly impacted by the outbreak of Covid-19 as the company’s production underwent “significant discontinuities” during the period. Read more

 

Cooper Tire to restart UK plant mid-June

Cooper Tire & Rubber Co. is reopening its tire manufacturing plant in Melksham, UK, in the first half of June, the company announced 13 May. Read more
 

Wednesday 13 May

 

Bridgestone reopening North American tire plants 

Bridgestone Americas Inc. will reopen its North American passenger tire plants and all factories in Latin America by the end of the month, the final phase of its restarting initiative in the wake of the Covid-19 pandemic. Read more

 

ETRMA voices support for ‘green’ Covid recovery

The European Tyre and Rubber Manufacturers’ Association (ETRMA) has voiced its full support for a green post-Covid economic recovery, calling for a regulatory framework to achieve “climate neutrality and digital transition.” Read more

 

Trinseo first quarter sales fall 18% 

Trinseo SA’s synthetic rubber (SR) business has reported a double-digit decline in first quarter sales due in part to Covid-19.  Read more

Tuesday 12 May

Bridgestone results hit by Covid pandemic

Bridgestone Corp. results have been significantly impacted by the outbreak of Covid-19 pandemic, which led to global production suspensions and low demand. Read more

 

IRC2020 to be held next April

The International Rubber Conference Organisaiton (IRCO) has announced new dates for global rubber event IRC2020, which was postponed due to Covid-19 pandemic. Read more

 

Parker braces for challenging months ahead

Parker Hannifin Corp. has reported marginal Covid-19 impact on its results for the quarter ending 31 March, but expects a more challenging environment in the coming months. Read more 

 

Brembo sees 'significant' coronavirus impact for rest of year

Italian premium brakes maker Brembo said the crisis triggered by the coronavirus pandemic would continue to have a big impact on its performance this year, after its core profit fell by 24% in the first quarter. According to Reuters, the supplier now believes its earlier forecast for the financial year “to be probably wrong”.

 

Honda plunges to loss after coronavirus hit

Honda plunged to a Yen5.6 billion (€48 million) operating loss in the latest quarter amid slumping sales as the coronavirus pandemic hammered the global economy. Operating profit swung into the red in fiscal fourth quarter ended 31 March, from Yen42.3 billion the year before, according to a report by ERJ sister publication Automotive News Europe. 

 

Toyota quarterly profit falls 28% on pandemic impact

Toyota's operating profit fell 28% and net income plunged 86% in the latest quarter as the coronavirus pandemic forced worldwide factory closures and hit vehicle sales.
Operating profit dropped to 384.0 billion yen (€3.3 billion) in the company's fiscal fourth quarter ended 31 March, according to a report by ERJ sister publication Automotive News Europe. 
 

Monday 11 May

 

Orion's rubber black segment hit by pandemic

Orion Engineered Carbons has seen rubber carbon black volumes decrease by 11% year on year to 177 kilotonnes in the first three months of 2020 as a majority of tire and auto manufacturers idled plants from mid-March. Read more

 

Cooper Tire suffers operating, net losses

Cooper Tire & Rubber Co. reported operating and net losses in the quarter ended 31 March as sales fell 14.1% to €490 million. Read more

 

Automakers at risk of hard production hits

Coronavirus-related factory stoppages have affected every automaker, but some are suffering more than others, an analysis found. Companies with more capacity in China, where the lockdowns were relatively short and focused on the province of Hubei, fared better than those heavily invested in Europe, India and North America, LMC Automotive said. Overall LMC is forecasting that global auto production will fall by 20% to about 71 million vehicles, according to a report by ERJ sister publication Automotive News Europe.

 

Denso reports 81% drop in profitability

 

Automotive components producer Denso Corp. has reported an 80.7% decline in full year operating profit to Yen61 billion (€525 million), due mainly to Covid-19 pandemic and quality cost provisions. Read more

 

Thursday 7 May

 

Conti develops health strategy