Goodyear has posted a first-quarter 2020 net loss of US$619m compared to US$61m a year ago, while Q1 sales were down 15% to US$3.1bn.
“Our first quarter results were affected significantly by the sharp declines in demand in the wake of the COVID-19 pandemic,” said Goodyear chairman, CEO and president, Richard Kramer.
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“We are taking necessary measures to ensure the health and safety of our associates and to safeguard our business, while continuing to serve our customers and support essential services. While this unprecedented crisis continues to disrupt our business and the broader automotive industry, I am confident we will emerge from this crisis in a strong position.
“We have taken swift actions to aggressively reduce expenses and investment levels, while at the same time continuing to focus on our strategic priorities.”
