The Goodyear Tire & Rubber Co. said it will cut tire production at its North America tire operations this month
as demand for new and replacement tires continues to slump.
In a statement, Goodyear said its consumer shipments generally reflected industry levels, although commercial sales lagged behind industry averages. Shipments of consumer replacement tires fell 10% in October from the year-earlier period, while shipments of commercial replacement tires rose slightly. Industry shipments of new consumer tires were down 11%, while new commercial tire shipments fell 24%, reflecting the sharp decline in new-truck sales.
"Lower production volumes due to weak markets and inventory adjustments had a negative impact on margins in October," the statement read. "Further production cutbacks are necessary in November."
as demand for new and replacement tires continues to slump.
In a statement, Goodyear said its consumer shipments generally reflected industry levels, although commercial sales lagged behind industry averages. Shipments of consumer replacement tires fell 10% in October from the year-earlier period, while shipments of commercial replacement tires rose slightly. Industry shipments of new consumer tires were down 11%, while new commercial tire shipments fell 24%, reflecting the sharp decline in new-truck sales.
"Lower production volumes due to weak markets and inventory adjustments had a negative impact on margins in October," the statement read. "Further production cutbacks are necessary in November."
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