NOKIA, Finland—What a difference a year makes.
The arrival of 2023 found a much changed and very refocused Nokian Tyres P.L.C. And in many ways, the new year found a much stronger company, according to CEO and President Jukka Moisio.
"The year 2022 was exceptional and full of major changes," Moisio said in a statement. "I am proud of the Nokian Tyres team, who showed exceptional strength and resilience in the midst of the unprecedented events, responding to fast-changing situations while at the same time caring for customers and for each other."
Many of the challenges—and a whole lot of the changes—Nokian faced stemmed from the invasion of Ukraine and the company's subsequent decision to end production and business in Russia. It marked a major move for Nokian, one that would impact it indefinitely.
"During the year, we started to build the new Nokian Tyres without Russia, increased production in Finland and in the U.S., and launched high-performing new products in our core segments, making our product portfolio the strongest ever," Moisio said. "We also made the decision to build a new passenger car tire factory in Romania, which will be the world's first zero CO2 emission factory in the tire industry, and the decision to start collaborating with tire contract manufacturers. These actions are extremely important in terms of additional capacity and our future growth."
But to understand how Nokian plans to grow in 2023 and beyond, you have to know where Nokian was and where it's starting 2023.