On 30 August, the first tyre rolled off the production line in the second phase of the Thailand factory run by Huayi, which owns the Double Coin brand. Tyrepress China learned that the project’s second phase involves the production capacity of 300,000 all-steel radial tyres and officially started construction in March this year. If the second phase reaches capacity, the annual production capacity of Huayi’s Thailand factory will be increased to 1.5 million pieces.
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 9 August, Shen Jinrong, chairman of ZC Rubber, went to the factory in Thailand to inspect the work, and discussed with the senior executives of the Thailand factory on increasing production and reducing costs.
Sri Trang Agro-Industry has joined 23 other rubber producers, processors and traders at GPSNR making the industry-wide transition to sustainable natural rubber. Sri Trang Agro-Industry Public Company Limited (STA) has specifically joined the producers, processors and traders category.
Jiangsu Xingda, a leading tyre cord supplier, registered an 11 per cent growth in sales volume in the first half of 2023. Within the overall sales increase, steel cord sales grew by nearly 12 per cent, bead wire sales grew by 6 per cent, and hose wire sales grew by 12 per cent.
Recently, the United States Department of Commerce’s anti-dumping review investigation on PCR tyres produced in Thailand has a preliminary result. Tyrepress China notes that the new developments are positive for Thailand’s tyre factories.
Isuzu Motors Co. (Thailand) Ltd. (IMCT) recently awarded Yokohama Tire Sales (Thailand) Co. Ltd. (YTST) and Yokohama Rubber (Thailand) Co. Ltd. (YRTC), which manufactures and sells hoses, its “IMCT QD Score 100 Points 3Y” award. The Isuzu Motors Limited subsidiary presented the award at a ceremony held by IMCT on 31 May.
Prinx Chengshan’s 2022 Environmental, Social and Governance Report (ESG Report) tells us that the company employs 6,144 people, manufactures tyres at plants in China and Thailand, and sells these in three main regions – China, North America and Europe. Its key brands are Prinx, Chengshan, Austone and Fortune.
Recently, Shanghai Huayi, the parent company of Double Coin, announced its operating data for 2022. In 2022, the revenue of Huayi’s tyre segment reached 10.02 billion yuan (approximately £1.175 billion; €1.338 billion), a year-on-year increase of 6.62 per cent. Regarding net profit, Huayi relies heavily on Huayi Group (Hong Kong), which is responsible for overseas business (especially the business of factories in Thailand). During the reporting period, Huayi Group (Hong Kong) achieved a net profit of 172 million yuan (about £20 million; €23 million). The Double Coin Tire Group, responsible for Huayi’s domestic tyre business in China, lost 26.4318 million yuan (about £3.1 million; €3.53 million).
The world’s largest rooftop solar panel installation on a single facility, according to Internal KEPCO Research, is being installed at Falken’s parent company (Sumitomo Rubber Industries’ – SRI) factory in Thailand.
China-based tyre manufacturer Prinx Chengshan is in the process of expanding in the wider Asia-Pacific area, having revamped its four major brands Prinx, Chengshan, Austone and Fortune for 2023.
That revamp was achieved by “relying on the company’s national-level enterprise technology innovation centre and new energy collaborative research centre”, Prinx Chengshan reports, adding that it has “vigorously conducted cutting-edge tyre technology research, created an international standard new product matrix, and achieved fruitful results.”
Tyre cord manufacturer Xingda and Continental Group recently signed a strategic cooperation agreement at Xingda Steel Tyre Cord (Thailand) Co. Ltd. Details of what is involved in the agreement remain to be seen at this stage, but Xingda representatives report that the cooperation includes improving the supplier management services in Europe.
It’s hard not to love a superlative, so thanks to Sumitomo Rubber Industries for sharing that its tyre factory in Thailand now possesses the world’s largest rooftop solar panel array. As of 1 February 2023, the set-up at the Sumitomo Rubber (Thailand) plant is the world’s largest rooftop solar panel array installed at a single facility.
The European passenger car and light truck tyre (PCLT) import market recovered substantially from its bout of Long Covid in the second half of 2022 as the benefits of local versus remote production took an unexpected hit. A perfect storm of significantly lower freight costs and high European energy costs nudged the dial on the relative competitiveness of imports and domestic PCLT tyre production in the second half of 2022. Looking at the European PCLT tyre market through the prism of imports, leading sector analyst Astutus Research shares with Tyres & Accessories its data demonstrating the effects of a rapidly changing market context. The latest Astutus Research briefing, ‘Supply Dynamics in the European PCLT Tire Industry to 2028’, priced at £995 is available now on Tyrepress.
Hangzhou Zhongce Rubber Co. Ltd (ZC Rubber) recently issued an update on the progress of its initial public offering (IPO). According to the data, Zhongce Haichao (a company established by four local Hangzhou enterprises in 2019 in order to invest in ZC Rubber, namely Hangzhou Great Star Industrial Co., Ltd., Hangcha Group Co., Ltd., Juxing United Holding Group Co., Ltd., and Hangzhou Haichao Enterprise Management Partnership (Limited Partnership) holds 41.08 per cent of the tyre manufacturer’s shares and is the company’s controlling shareholder. Qiu Jianping and his daughter Qiu Fei hold 46.95 per cent of the shares and corresponding voting rights of ZC Rubber through Zhongce Haichao and several other companies and therefore control ZC Rubber.