Nikolai Setzer has been appointed as new Executive Board chairman of Continental AG until March 2024, effective December 1, 2020.
He succeeds Dr. Elmar Degenhart, who is stepping down from his position for health reasons, effective November 30, 2020.
“Continental is in the process of transforming into a technology and software company that, together with vehicle manufacturers, is laying the foundation for the sustainable mobility of the future. Nikolai Setzer has our utmost trust and confidence. The Supervisory Board is certain that he will push forward with and successfully shape this transformation. Key factors here are his deep, long-standing bond with Continental and its company values as well as his extensive international experience in the automotive and tire business,” explained Prof. Wolfgang Reitzle, chairman of Continental’s Supervisory Board. He added: “At the same time, we express our sincere thanks to Mr. Degenhart for his outstanding performance, his exemplary leadership and his considerable contribution to Continental’s success over the years. We wish him all the best for the future, especially regarding his health.”
In April 2019, Setzer switched to Continental’s Automotive Group, where he assumed the newly created position of spokesman of the Automotive Board and was thus responsible for maintaining a unified business strategy in this area. He will continue in this position. The number of Executive Board members at Continental will decrease from nine to eight on December 1, 2020.
Degenhart commented on the appointment of Setzer: “I hold Nikolai Setzer in highest esteem, which evolved during our close and trusting cooperation as a result of his excellent service in a variety of functions and areas of the company. By virtue of his strategic foresight and ability to implement ideas, he has gained recognition both in and outside the company. I welcome the Supervisory Board’s decision and wish Nikolai Setzer and the entire Continental team all the best and great success for the future.”
“Continental has been a strong values alliance for top value creation for nearly 150 years. In view of the profound transformation in the automotive industry, Elmar Degenhart and our entire Executive Board team set the necessary strategic course early on in order to enhance Continental’s competitiveness and viability. Therefore my most urgent task, together with executives and employees worldwide, is to pursue our ongoing growth course as a technology company without interruption and to lead Continental into a new era of mobility, backed by profitable growth,” said Setzer.
Setzer has worked at Continental since finishing his studies in engineering management in Germany and France in 1997. In his 23-year career at the company to date, he has held various positions in development and sales in Germany and abroad, assuming the position of head of the Hanover-based passenger-car tire business in March 2009. He has been a member of the Executive Board of Continental AG since August 2009. He assumed responsibility for the Tires business area – which was formed from the passenger-car and commercial-vehicle tire businesses – in August 2011 and for Corporate Purchasing in May 2015.
ETRMA Speaks On Automotive Sector Interpretation Guide Of Data Act
- By TT News
- July 01, 2025
The European Commission’s Industrial Action Plan for the automotive sector included plans to publish Guidance on in-vehicle data alongside the implementation of the Data Act. In response, the European Tyre and Rubber Manufacturers’ Association (ETRMA), alongside other automotive industry groups, has developed an Automotive Sector Interpretation Guide of the Data Act to foster a common understanding ahead of the regulation’s application. This joint effort has helped clarify critical definitions and regulatory interfaces while also incorporating essential tyre-specific considerations – a step ETRMA strongly supports.
Despite this progress, the Data Act’s objectives may fall short without additional measures. Key solutions – such as human-machine interface (HMI) access for user consent and digital ID federation to enable secure, efficient data sharing within a unified European data space – require further exploration under sector-specific regulation. ETRMA remains dedicated to ensuring the Data Act’s implementation promotes fair, non-discriminatory access to in-vehicle data. The association will continue pushing for enforceable rules that guarantee real-time, secure and efficient access to relevant data, safeguarding innovation and competitiveness in the automotive and tyre industries.
Bridgestone India Strengthens Retail Presence with New Select Store In Nashik
- By TT News
- June 30, 2025
Bridgestone India, a key subsidiary of the global Bridgestone Group and a leader in tyres and mobility solutions, has expanded its premium retail network with the launch of Bridgestone Select Store – M/s Nashik Tyres and Services. The store was inaugurated by Rajarshi Moitra from Bridgestone India, reinforcing the company’s commitment to delivering innovative, customer-centric tyre retail experiences across the country.
Strategically located in Nashik, the store features modern infrastructure and a premium service setup, positioning it as a one-stop destination for tyres and related services in the region. Recognising that tyres are the sole contact point between a vehicle and the road, Bridgestone emphasises safety, performance and driving confidence through its Select stores. These outlets not only help customers choose the right tyres but also enhance their ownership experience with expert guidance and high-quality services.
With over 900 Select stores nationwide, Bridgestone India has established a premium retail network that goes beyond tyre sales to offer a superior, service-driven experience. The expansion of M/s Nashik Tyres and Services further strengthens Bridgestone’s mission to bring world-class tyre solutions closer to customers, reinforcing its pan-India presence with a focus on innovation and customer satisfaction.
Moitra said, “At Bridgestone India, we are committed to redefining the tyre buying experience through our Select stores. As we continue to expand our footprint and enhance manufacturing capabilities our goal is to provide premium products, services and customer experience.”
NEXEN TIRE Sustainability Report Highlights Progress
- By TT News
- June 30, 2025
Leading global tyre manufacturer NEXEN TIRE has released its 2024/25 Sustainability Report, demonstrating its commitment to transparent ESG disclosure in line with international standards. This year’s report marks a milestone as it includes consolidated performance data from 10 global subsidiaries, enhancing the company’s enterprise-wide sustainability reporting.
In environmental sustainability, NEXEN TIRE has advanced its carbon management strategy by expanding greenhouse gas (GHG) emissions tracking. The company completed a third-party verified inventory covering Scope 1, 2 and all 15 Scope 3 categories, enabling precise identification of carbon hotspots and targeted reduction initiatives. Additionally, the company is accelerating the development of sustainable materials, evaluating 23 renewable and recycled options across 10 categories. Through proprietary technology, NEXEN TIRE now produces tyres containing up to 70 percent sustainable content. Biodiversity efforts have also intensified, with the company adopting TNFD and LEAP frameworks to assess nature-related risks. An ecological survey around its Changnyeong plant identified protected zones and endangered species habitats within a 50-kilometre radius.
On the social front, NEXEN TIRE celebrated a decade without workplace accidents, a result of proactive safety investments, including facility upgrades, risk assessments and 24-hour disaster monitoring. Enhanced fire prevention systems earned the company the Excellence Award at the 1st Safety Culture Innovation Awards.
In governance, NEXEN TIRE strengthened board diversity by appointing a new female independent director, with independent directors now comprising 62.5 percent of the board. The company also expanded its TISAX certification to eight sites, maintaining zero data breaches for three consecutive years. These efforts underscore NEXEN TIRE’s commitment to sustainable and responsible business practices.
John Bosco (Hyeon Suk) Kim, CEO, NEXEN TIRE, said, “As the industry undergoes rapid transformation driven by electrification, AI and sustainability, NEXEN TIRE is embracing ESG leadership as a core pillar of future competitiveness. Our commitment to responsible innovation and transparency will guide us through the next era of sustainable mobility.”
ZC Rubber to Deploy 3.93 Billion Yuan IPO Proceeds for Subsidiary Expansion
- By TT News
- June 30, 2025
Chinese tyre manufacturer Zhongce Rubber Group Co., Ltd (ZC Rubber) will inject 3.93 billion yuan ($541.3 million) of proceeds from its February initial public offering into wholly owned subsidiaries to fund expansion projects across its production network.
The company’s board approved the deployment of the raised capital through a combination of loans and equity injections to five subsidiaries, according to a regulatory filing. The move represents the full utilisation of net proceeds from ZC Rubber’s IPO, which raised 4.07 billion yuan through the issuance of 87.4 million A-shares at 46.50 yuan each.
Hangzhou Chaoyang Rubber Co Ltd, the group’s largest subsidiary by funding allocation, will receive up to 1.7 billion yuan in loan financing to support its high-performance radial tyre green 5G digital factory project. The facility represents ZC Rubber’s largest single investment among the five planned initiatives.
The company will also provide 850 million yuan to Zhongce Rubber (Tianjin) Co., Ltd. for upgrades in the high-end green tyre industry. At the same time, Zhongce Rubber (Thailand) Co., Ltd. will receive an equivalent amount through a direct capital injection to expand its radial tyre manufacturing capabilities.
Smaller allocations include 352.68 million yuan to Hangzhou Zhongce Qingquan Industrial Co., Ltd. for the production of all-steel radial truck tyres and 180 million yuan to Zhongce Rubber (Jiande) Co., Ltd. for the expansion of its workshop at the JianDe facility.
The funding deployment marks a revision to Zhongce’s original IPO prospectus, which had earmarked 4.85 billion yuan across the five projects. The company has adjusted its plans to align with the actual net proceeds available after deducting underwriting fees and other costs.
Interest rates on subsidiary loans will be benchmarked against comparable bank lending rates, with early repayment options available. The company stated that the funding structure would facilitate project execution while maintaining regulatory compliance through designated account supervision.
Zhongce received approval from China’s securities regulator for its IPO on 26 February, marking the completion of a listing process that positioned the company amongst China’s leading tyre manufacturers seeking to expand production capacity and technological capabilities.
The subsidiary funding initiative received backing from CITIC Securities, the company’s listing sponsor, and external auditors, with both parties indicating no objections to the proposed capital deployment structure.
ZC Rubber's shares have traded on the Shanghai Stock Exchange since its February debut, with the company targeting enhanced production efficiency and market positioning through its post-IPO investment programme.
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