Guizhou (Advance) Tyre plans to expand EU sales

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.

First off, Guizhou Tyre said its Vietnam plant’s production and sales are still rising. And what’s more, the tyre maker is reportedly applying for an investment license for the second phase of the overseas factory. Guizhou Tyre hopes to complete the corresponding approval process in November 2022.

Meanwhile, the tyre company also revealed the progress of two other projects. One has an output of 3 million sets of “high-performance all-steel radial tyres” and is still in the preparatory stage. Civil works relating to another 380,000 “all-steel engineering radial tyre” project have already started.

Guizhou Tire noted that Europe is one of its major overseas markets. It is worth highlighting that the tyre company said they have mature sales channels in the EU market and further expansion plans.

According to the 2022 semi-annual report, Guizhou Tire’s overseas revenue accounts for about 35.3 per cent of its primary business revenue. The tyre maker’s sales in overseas markets are likely to grow as production at its Vietnam plant gradually increases.