TOP1, tire prices have risen sharply many times

Never before have tire prices been more volatile than in 2022. In the first half of 2022, based on the soaring cost of petroleum raw materials and the increase in global inflation throughout the year, tire companies had to respond, with frequent and large price increases in the past year.

According to relevant information, from December 1, 2022 alone, the prices of Michelin, Bridgestone and Pirelli will increase by 10% in some regions. Many tire companies initially hoped to survive the storm of soaring raw material prices and inflation through price increases, but soon found that the original price increase was simply untenable, followed by tire price increases again and again.

But with inflation slowing at the end of the year, tire prices are still rising at a record pace, putting a huge burden on tire dealers and end consumers.

TOP2, Bridgestone was attacked by cyber attacks

For Bridgestone, the start of 2022 is not smooth. On February 27, 2022, the key internal systems of several companies of Bridgestone Corp. in the United States were compromised.

The cyberattack shut down computers at certain manufacturing and refurbishment facilities in North America and Latin America. Workers on several production shifts, including those in Des Moines, Iowa, and Lavergne, Tennessee, were sent home early on Feb. 27-28.

Other affected plants include truck/bus tire plants in Warren County, Tennessee, and passenger/light truck tire plants in Aiken County, South Carolina, and Jollet, Quebec. Bridgestone Americas employs approximately 55,000 people at more than 50 manufacturing facilities in Canada, Central America, Latin America and the Caribbean.

Four months after the attack, Bridgestone said it was "fortunate" to report that limited data had been compromised. The perpetrator has not been identified so far. The flaw forced Bridgestone to upgrade its network systems faster than planned.

TOP3, replacement of leaders of tire companies

As we all know, China is a big tire producer and also a big tire consumer. Foreign tire brands entered the Chinese market early because they took a fancy to the huge potential of the Chinese tire market. However, in recent years, the market environment has been extremely inward-looking, coupled with unfavorable factors such as economic downturn and repeated epidemics, making the life of foreign-funded tire companies not very comfortable. For example, Bridgestone mentioned in its third-quarter financial report that the market in the Asia-Pacific region is not as strong as other regions.

TOP4, Dunlop TBR tires withdraw from China

Dunlop's withdrawal from the Chinese truck tire market: On August 17, 2022, Dunlop Tire issued a notice on the integration of Dunlop Tire's Chinese business. In the notice, Dunlop stated that it will stop the sales and production of truck and bus tires in the Chinese market from January 1, 2023. , the company's other businesses remain unchanged.

TOP5, Argentine tire market shut down

According to foreign media sources, affected by labor conflicts, three factories in Argentina closed this year. Although there are reports that the closure of the three factories is only a temporary move. The strikes were carried out by 5,600 workers at major tire makers, including market leader Bridgestone, multinational producer Pirelli and local firm FATE, as union clashes have spread to "Toyota and Ford plants because they lack the inventory," De Mendiguren said. The conflict that has paralyzed it for five months has been overcome, but the impact on retail consumption is not going away. There still isn't enough stock in there to restore full competition. Worse, not only are prices not falling, but they already expect they won't fall.