Goodyear reports $101 million net loss in Q1 2023, EMEA cost cutting accelerated despite breakeven

Despite a first-quarter 2023 net loss of $101 million, down $197 million compared with $96 million of positive income 12 months ago, Goodyear executives tried to shine a positive light on the US-based tyremaker’s latest financial results. Volumes may have been 3.2 million units lower than the same period last year at 41.8 million units, but net sales grew 1 per cent compared with the first quarter of 2022 and 4 per cent excluding foreign currency effects. And Goodyear EMEA is back to breakeven, but that wasn’t enough to avoid talk of accelerated cost-cutting measures.