Tyrepress China has learned that Chinese tyre manufacturer Haohua is preparing to invest US$500 million to build a tyre factory in Binh Phuoc, Vietnam. The products produced will cover semi-steel radial tyres and all-steel radial tyres.
New for 2023, growing wholesaler International Tyres has taken on Blacklion Tyres and Fortune Tyres as exclusive additions to the company’s product portfolio.
Qingdao Doublestar’s 2022 annual report shows stable revenues and growing losses. While operating income amounted to 3.91 billion yuan (£460 million), an amount fundamentally unchanged from the previous year, the bottom line net loss attributable to shareholders grew 87.93% year-on-year to 601.9 million yuan (£70.82 million).
On 24 February, Federal signed an off-take agreement with Vietnam XT Tyre. According to the agreement between the two parties, XT Tyre will start to produce tyres for Federal in 2023 by Federal’s orders and production specifications. Federal did not disclose the details of the cooperation with XT Tyre, including the specifications and production capacity involved in the making the agreed products and the specific timetable for the collaboration between the two parties.
Originally created by the US military as a retreading facility, Danang Rubber (DRC) claims the highest market share for truck tyres within Vietnam, a country with almost 100 million people and a very active road transportation industry. The company is also a first-time Tyrexpo Asia exhibitor and is “enthusiastically looking forward” to introducing itself to Asian and global markets.
Luo Yongli, deputy general manager of the company, recently told a briefing that he is optimistic about the operation of Cheng Shin in 2023. In the past, Cheng Shin has reportedly significantly reduced capital expenditures to combat adversity in the operating environment. But with the overall situation expected to improve, the tyre maker will start expanding production capacity, including launching a 40 million tyre capacity expansion plan at factories in mainland China.
The expansion project of Kumho’s Vietnam plant has entered the final stage. It is reported that all administrative procedures related to the trial operation of the expansion project have been completed.
On 14 October, Guizhou Tyre (also known as Advance Tyre) answered several questions from investors during an online T&A. Tyrepress has analysed the questions and presents a selection of Guizhou Tyre’s answers here.
The China Securities Regulatory Commission reviewed and approved Sailun’s convertible bond public issuance application on 13 September. The tyre company plans to raise about 2 billion yuan (about 250.2 million pounds, 286.3 million euros), mainly for constructing two factories in Vietnam and Cambodia. Sailun said that investing in two overseas factories could further expand its tyre production capacity overseas and increase its manufacturing scale and market share.
Hämmerling – The Tyre Company GmbH, a tyre wholesaler based in Paderborn, Germany and active throughout Europe, with its own Athos, Talas and Sämm tyre, is expanding its Samson product line-up to include a wide range of truck and bus tyres.
On 31 August, Guizhou Tyre released its semi-annual report. In the year’s first half, Guizhou Tyre produced 3.7005 million tyres, a year-on-year increase of 3.53 per cent, and sold 3.4447 million tyres, a rise of 1.07 per cent. During the same period, the tyre company’s revenue reached 3.949 billion yuan (about £490 million, 570 million euros), an increase of 13.16 per cent, and achieved a net profit of 160 million yuan (about £19.86 million, 23.12 million euros).
Wanli Tire reports that company representatives have visited overseas factory sites and completed a draft report based on the inspections. Wanli deputy general manager Hu Yongfang announced at the summary meeting for the first half of 2022 that Wanli will strive to complete the establishment of an overseas factory project by the end of 2022.
Guizhou Tyre Vietnam plant’s first-phase project has officially begun operation with an annual output of 1.2 million all-steel radial tyres. This equates to between 2500 and 2800 units and the products are mainly sold to the United States, Europe and other regions that have implemented anti-dumping and anti-subsidy investigations on Chinese tyres or imposed special tariffs. The tyre maker said that the first-phase project’s production and sales are still in the ramp-up stage.
Maxam Tire has brought its EcoPoint3 technology to the material handling sector with the introduction of the MS600 press-on solid tyre. The Sailun Group specialty tyre business considers the use of this new rubber compounding technology a transformative step that provides an “unrivalled solution” for users of forklift tyres.
In mid-December Bridgestone was named amongst the Top 10 Sustainable Development Enterprises in Vietnam. This is the fifth year Bridgestone Vietnam has been named in the Top 100 and is the only tyre industry representative on the list, according to local news reports. The list is compiled by Business Council for Sustainable Development Vietnam. (VBCSD) under the auspices of the Vietnam Chamber of Commerce and Industry (VCCI).
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Federal
Cheng Shin
Kumho
Online investor Q&A
Sailun
Hammerling
Wanli Tire
Guizhou Tyre
Bridgestone