Goodyear Tire CEO says firm has sufficient provide to blunt looming rubber scarcity

Goodyear Tire & Rubber CEO Wealthy Kramer advised CNBC Tuesday that he does not count on a looming scarcity in rubber to harm the tire producer.

Considerations over a low provide of rubber, produced from rubber timber largely grown in Southeast Asia, is the most recent drawback dealing with automakers already scuffling with a scarcity of semiconductors.

When requested if the corporate has sufficient of the fabric to provide tires for automobiles, Kramer mentioned, “brief reply is: We do.”

“Basically what you see occurring is … both hypothesis or it is numerous even China [putting] rubber in warehouses,” Kramer mentioned in an interview with Jim Cramer on “Mad Cash.”

“It is one thing that is all the time on the market, numerous hypothesis occurring,” he added. “I can by no means say by no means about one thing that might occur to southeast Asian rubber timber, however that is actually not been an issue for us, and the crew’s been managing it brilliantly.”

Shares of Goodyear rose 3% on Tuesday earlier than closing at $18.28.

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