Auto Safety Agency Concludes Investigation Regarding Safety On Goodyear's Tires

  • The U.S. auto safety agency will close an investigation started in 2017 regarding the safety of some Goodyear Tire & Rubber Co's GT tires used on motor homes that have not been produced in nearly two decades.
  • Goodyear Tire & Rubber announced to recall 173,000 G159 tires size 275/70R22.5 used on recreational vehicles because of the potential for catastrophic tread separations.
  • The tire maker received over 600 claims for personal injury and property damage related to the particular tire, and the regulatory probe was linked to at least 95 death or injury claims.
  • Reuters reported that Goodyear said earlier it did not believe its tires were defective and questioned if any of those were still in use, noting they have not been produced since 2003.
  • In February, the National Highway Traffic Safety Administration (NHTSA) said that G159 tire defects were "at the center of 41 lawsuits involving 98 deaths and injuries filed between 1999 and 2016."
  • Goodyear said the NHTSA "inaccurately" overstated the number of incidents alleged.
  • Goodyear said it was "not true" those tires failed earlier than others, and NHTSA's letter reflected a misunderstanding of underlying data.
  • Price Action: GT shares closed at $11.09 on Friday.

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