Chinese Tire Companies Continue to Expand Globally!
In 2021, overseas investment by Chinese tire enterprises continued to increase. Statistically, there are two new projects, more than five expansion projects, and more than 5 billion yuan in new investment. Some enterprises are even beginning to invest in their second overseas factory. So far, 13 Chinese tire enterprises have established 16 production bases overseas. These measures are taken to minimize trade barriers, strengthening the Chinese position as the top tire manufacturer in the global tire industry.
- Sailun Tire Group ➜ Cambodia, Vietnam
Back in 2011, Sailun has invested plant in Vietnam, becoming the first Chinese tire enterprise to build a factory overseas. Their second overseas base, which was built in Svay Rieng Province, Cambodia, is ready for tire production in late 2021.
- General Science ➜ Cambodia, Thailand
Jiangsu General Science Technology Co., Ltd. also set up its second overseas base in Cambodia. They also continued to increase their investment in their first overseas factory in Thailand by $78 million, raising its production capacity to 1 million all-steel tires and 6 million semi-steel tires annually.
- Guizhou Tire ➜ Vietnam
On April 1, 2021, Guizhou Advance Tire Investment Co., Ltd. (Guizhou Tire's wholly-owned subsidiary), located in Vietnam, was put into operation.
- Zhongce Rubber ➜ Thailand
ZC Rubber plant in Rayong, Thailand, which began construction in 2019, has reached the third expansion phase, capable of producing 20 million tires annually.
- Doublestar tire ➜ Vietnam
On October 15, Doublestar announced the completion of the capital increase of Kumho Tire's Vietnam plant. Through Doublestar's Hong Kong, it contributed $92.3 million to increase its capital in Kumho Tire Vietnam.
- Longmarch Tire ➜ Pakistan
Longmarch Tire began a joint venture project with Service Industries Ltd. Pakistan in June 2021. They build a plant capable of producing up to 600,000 truck tires a year.
- Jinyu Tires ➜ Vietnam
On March 30, 2021, Jinyu's Vietnamese tire plant began to produce its first TBR tire. In May, the company announced an additional investment of $312 for the factory construction of the Vietnam project.
- Linglong Tire ➜ Serbia, Thailand
In 2021, the Serbian factory of Linglong Tire continued to be built while its Thai factory had been fully put into operation.
- Sentury Tire ➜ Thailand
Sentury Tire expanded its plant in Thailand in 2021 with a total investment of 3.184 billion yuan. The annual production capacity is planned to be an astounding 6 million semi-steel tires and 2 million all-steel tires.
- Prinx Chengshan ➜ Thailand
Prix Chengshan signed a contract with the Bank of China Shandong branch for a loan project in a Thailand factory, their first overseas production base.
- Double Coin Tire Group ➜ Thailand
Huayi Group Thailand was established by Huayi Group Hong Kong (a wholly-owned subsidiary of Shanghai Huayi Group) in cooperation with Thailand Taibejia Enterprise Ltd. The factory was designed with a production capacity is 1.2 million heavy-duty tires and 30,000 engineered tires annually.
- Fullrun Tire ➜ Malaysia
Golden Horse Rubber Sdn Bhd was built and funded by Fullrun Tire in Selangor, Malaysia. Fullrun Tire was the first domestic Chinese enterprise to build a large modern tire factory in Malaysia.
- Haohua Tire ➜ Sri Lanka
On November 19, 2020, the Board of Investment of Sri Lanka signed an agreement with Haohua Tire to set up a project to manufacture tires for the exports with a total investment of $300 million. The factory could produce 1.5 million all-steel tires and 7.5 million semi-steel tires annually.
These measures show that Chinese Tire Manufacturers are putting effort to level up their game, expanding their business to compete on a global scale. Chinese tire companies also keep making efforts to innovate new materials, new formulations, new technologies, and new processes to keep growing in the industry. If you are looking for competent & reliable manufacturers for your tire business sourcing needs, feel free to register yourself at CITEXPO Direct
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