A number of Chinese tyre manufacturers have stated that their net profits significantly increased year-on-year in 2023. Doublestar is one of the few tyre companies that was still losing money. Jiangsu General turned losses into profits. In terms of net profit alone, Sailun’s 3.1 billion yuan suggest the company gradually widened the gap between itself and Linglong. Currently, ZC Rubber has not officially disclosed its operating data for 2023. Therefore, it is not yet possible to judge who is in the leading position in terms of net profit between Sailun and ZC Rubber.
The United States Department of Commerce has released the results of its anti-dumping review of imported passenger car and light truck tyres (PCR) made in Thailand. The result of the re-examination investigation is consistent with the preliminary one and its good news for Thai tyre manufacturing plants. The release of the result also means PCR products produced in Thailand are expected to enter the United States market in large quantities soon.
On 12 January, Jiangsu General held an expansion ceremony for its Cambodian factory expansion project. If we look at the time, the tyre manufacturer just held its shareholders’ meeting on January 12 and approved the proposal to expand the production capacity of its Cambodian production base. Jiangsu General has previously disclosed that the Cambodian factory expansion project is expected to be put into production in the fourth quarter of 2024.
Jiangsu General has terminated its plan to build a tyre factory in Baotou, China, on the grounds that “[China’s] domestic all-steel tyre market is still in a weak recovery stage and cannot meet the expected development”. At the same time, the tyre manufacturer is preparing to invest 1.495 billion yuan (approximately £165 million; €191 million) in the expansion of its Cambodian factory. The construction period of the expansion project is 18 months. After its completion, the annual output of the Cambodian factory can increase to 3.5 million semi-steel radial tyres (PCR) and 750,000 all-steel radial tyres (TBR).
On 11 November, Jiangsu General announced it will invest 880 million yuan (approximately £98 million; €113 million) in renovating the all-steel radial tyre production line at its Wuxi plant. The renovation cycle is 18 months. After completion, Jiangsu General will increase its annual production capacity of 6 million semi-steel radial tyres.
On 27 September, Jiangsu General’s Thailand factory held a groundbreaking ceremony for the second phase. The new production capacity project involves an investment of 1.884 billion yuan (approximately £210 million; €240 million) and plans to add 6 million semi-steel radial tyres and 500,000 all-steel radial tyres yearly.
In early September 2023, Jiangsu General appeared at The 18th China International Tire Expo (CITExpo 2023) at the Shanghai World Expo Exhibition & Convention Centre. At the exhibition site, the staff of the tyre manufacturer told Tyrepress China that most of the customers they received this time were from Europe, the Middle East, Southeast Asia, Russia and South America.
Recently, Jiangsu General announced that it will invest 1.884 billion yuan (approximately £210 million; €240 million) to launch the second phase of the Chinese tyremaker’s Thailand factory. The expansion will add 500,000 all-steel radial tyres and 6 million semi-steel radial tyres to the Thailand production base. It is worth noting that the tyre manufacturer only disclosed that the project’s construction period is 24 months but did not announce the planned start and end time.
On 4 September the 18th China International Tire Expo (CITExpo) officially opened in Shanghai. Tyrepress China was present and found that many well-known tyre companies, including ZC Rubber, Sailun, Prinx Chengshan, Guizhou Tyre, Doublestar, and Jiangsu General have all made appearances at this exhibition and brought their flagship products.
There are many changes in our latest leading tyre manufacturers ranking. The 2023 table, which lists the world’s leading tyre companies according to their full-year 2022 financial results, particularly highlights the shifts that have taken place this year in the second half of the top 20. Meanwhile, the top nine tyremakers appear to be an increasingly stable group. Between places nine and 10, there is still a gap of some 1 billion euros, something that is clearly hard to overcome for newcomers. However, as insurmountable as it appears, the gap is obviously narrowing.
On 22 May, General Tires Technology (Cambodia) held its opening ceremony, which means Jiangsu General’s second overseas production base has officially begun operation. Cambodian Prime Minister Hun Sen and Chinese Ambassador to Cambodia Wang Wentian attended the ceremony and cut the ribbon for the Jiangsu General Cambodia factory.
On 5 May, Jiangsu General announced plans to build a tyre plant in Baotou City, Inner Mongolia, China. The total investment is about 1.51 billion yuan (about £170 million; €200 million). After completion, it will produce 1.2 million all-steel radial truck tyres and 100,000 OTR tyres per year. Jiangsu General says it is “the first modern tyre factory in Baotou City”.
On 24 March, Jiangsu General terminated its plans to build a tyre factory in Anqing, Anhui. The tyre manufacturer said that the relevant procedures could not meet the project’s construction and development needs due to factors such as industrial policies, local policies, and land planning. Considering “time cost, project planning and market”, Jiangsu General terminated the investment. At the same time, the company believes that the expenditure on the Anqing project is relatively small, and the termination will not significantly impact its financial status and operations.
On 18 March Jiangsu General’s Cambodian factory produced its first tyre, which means the tyre maker’s second overseas factory is now ramping up its production capacity. Jiangsu General said that the products of the Cambodian plant are mainly produced under the Celimo brand and are sold in the United States, Europe and Brazil.