With the opening of its new headquarters, KraussMaffei has completed the last and largest of four relocation projects. Since 2018, the company – whose production portfolio includes tyre production systems and extruders – has invested approximately 200 million euros in four new plants in Germany and China.
Giti Tire held a groundbreaking ceremony on 20 September to officially inaugurate the start of work on its latest facility, an event the tyre maker says holds a “particular significance” as it also marks the group’s 30th anniversary of manufacturing in China. Executive chairman Enki Tan reinforced this during proceedings by stating that “the upcoming modernised Hefei plant not only celebrates our legacy but also sets the stage for Giti’s next chapter.”
Vietnam’s Binh Phuoc Province shares that the chair of its Provincial People’s Committee issued an investment registration certificate to Chinese tyre maker Shandong Haohua Tire on 11 September 2023. As Tyrepress.com reported in July, Haohua intends to invest US$500 million to build a factory in Vietnam capable of producing 12 million semi-steel radial tyres for cars and other light vehicles and 2.4 million all-steel truck radials a year.
Approximately three-quarters of the funds that Qingdao Sentury Tire Co. Ltd. needs to set up a factory in Spain have been secured through a share issue. On 22 August, the tyre maker informed the Shenzhen Stock Exchange that it had issued 94,307,847 shares to 20 parties at a price of RMB 26.69 (£2.93, US$3.68) per share, raising approximately RMB 2.8 billion (£307.1 million, $386.4 million).
China’s biggest tyre maker wants to grow even larger and expand its manufacturing footprint to Europe and North America, producing tyres that approach the premium market. To finance these ambitious plans, ZC Rubber will debut on the Shanghai Stock Exchange in the not-too-distant future.
On 9 May, numerous regional and company dignitaries attended the groundbreaking ceremony for Doublestar Tire’s new factory in Cambodia. Doublestar (Cambodia), a joint venture with UBE Development Co. Ltd., aims to meet growing international demand for high-performance radial tyres. The 400,000 square metre plant will have capacities to produce 7 million PCR tyres and 1.5 million TBR tyres annually.
In June 2020, India’s government introduced new legislation that significantly limited tyre imports into the country, with companies intending to do so requiring a license. As one of many manufacturers affected by this rule, Michelin scaled back its imports of passenger tyres and limited these to selected products for performance cars. Further expansion in India will require local production, and the question for Michelin doesn’t seem to be if, but rather when.
Major German automotive components supplier Schaeffler Group, which like tyre and automotive systems firm Continental counts the Schaeffler family’s IHO Holding as a significant shareholder, is shunning investment at home and in Europe in favour of the USA. In addition to more advantageous energy prices, Schaeffler looks approvingly upon the USA’s more pragmatic approach to climate issues.
The government of Romania has approved state aid of almost 100 million euros to Nokian Tyres PLC. The tyre maker intends to establish a new factory in Oradea, and the ad hoc regional state aid will finance the costs related to the factory’s establishment and address the financing gap related to this greenfield investment.
Chinese tyre maker Jiangsu General Science Technology intends to open its new plant in Cambodia during the first half of this year. The General Tire Technology (Cambodia) Co., Ltd. facility now being set up in the Sihanoukville Special Economic Zone is expected to enter production in May with a capacity to manufacture 5 million semi-steel radial tyres and 900,000 all-steel radial tyres.
Recently, Linglong Tire signed a cooperation agreement with CCCC First Highway Engineering Group. CCCC First Highway Engineering Group will lead the continuing construction of the Serbian project of Linglong International Europe into the plant’s next phase. The plant produced its first tyre, an Eplus-01 truck and bus radial tyre, on 27 June. It is reported that CCCC First Highway Engineering Group’s main task is to be responsible for the current and subsequent construction projects and to promote the construction progress of Linglong’s European project. The two parties did not disclose the specific cooperation details.
The truck steel wheel plant that Maxion Wheels and Inci Holding have jointly built in Turkey is ready to open, and during last week’s IAA Transportation show the two companies additionally announced plans to set up a facility for manufacturing aluminium commercial vehicle wheels. Maxion Wheels says adding forged aluminium commercial vehicle wheels “rounds out” its globally leading steel wheels portfolio, making Maxion a “one-stop option for truck and trailer manufacturers.”
During a ceremony held today and attended by local and regional officials, Yokohama Off Highway Tires (YOHT) inaugurated its newest factory in India and broke ground on the second stage of work at the site. Located in Visakhapatnam, Andhra Pradesh state, the new plant is YOHT’s third in the country.
With the start of production at its new factory in Serbia drawing nearer, Toyo Tire Corporation is changing its organisational structure in Europe. Toyo Tire Europe GmbH, which has served as the sales vehicle and sales headquarters within the region, will be reorganised into a holding company that includes the Serbian plant under its umbrella. From 1 June 2022, the tyre maker will thus be represented in Europe by Toyo Tire Holdings of Europe GmbH.
On 14 February, Sailun Group Co., Ltd.’s Board of Directors unanimously approved plans to invest RMB 1.43 billion (£165.9 million) to establish a factory in Cambodia with the capacity to produce 1.65 million all-steel truck and bus radials a year. These tyres will primarily be exported to meet demand in European and North American markets.
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