Triangle scraps US tyre factory project

Triangle Tire has scrapped its plans to a build roughly half-a-billion dollar tyre factory in North Carolina, USA. According to the company, the project which had been strongly supported by local government officials in North Carolina was ended amicably with mutual consent.

The reason behind the USA factory’s cancellation is because “the investment environment has changed, and factors such as the global and domestic Covid-19 epidemic have continued to affect the US Factory Project”, company officials wrote in a stock market filing dated 13 May 2022.

While the land associated with the factory project had undergone initial levelling, the company had not yet started construction.

Following the termination of the project, the company associated with the factory project (Triangle American Technology Co., Ltd) will also be wrapped up. Triangle American Technology Co., Ltd is said to have accumulated costs of about US$1.5 million.

Moving forward, Triangle reports that the company will continue to provide stable supply to customers in the United States and around the world via its domestic Chinese production bases.