Toyo’s US expansion plans – update
Following publication of news that Toyo Tire & Rubber may be looking to increase production in the US, a representative from the Japanese tyre maker contacted Tyres & Accessories to clarify the information presented in our text from 10 July.
As Toyo Tire & Rubber recently changed its financial reporting period from a April-March year to a January-December financial year, the Toyo representative pointed out the tyre maker’s North American net sales of 31,062 million yen (£206.5 million) for the January to March 2013 quarter represent a year-on-year increase of 11.4 per cent, rather than a decline as previously reported.
The Toyo representative confirmed that the company is indeed ramping up US production in order to meet demand. Toyo previously stated that the largest growth in demand within the region has been for high-value added tyres, such as those for SUVs.