Nokian CEO Kim Gran was quoted by a Finnish newspaper as saying, “I do not expect that demand for tyres will grow at the expected speed in any market. Focus is now totally on risk control and securing the cash flow. We will match our operations with the market situation, we are continuing to develop Russian operations, but on a slower pace.”

In Milan, Pirello chairman Marco Tronchetti Provera said the global vehicle market hasn’t bottomed out yet, and that consumers “would likely wait several months to see if government measures to revive the slowing economy proved successful before they considered making a big purchase like a car,” according to news reports.

“I don’t think we have hit bottom,” he said. “We’ll need a few months more.” (Tire Review/Akron)