An inclusive idealist. I am a Masters graduate from the University of Westminster. I’ve read over 1000 books, traveled to every province in China as a backpacker, and volunteered with several NGOs in Southeast Asia. I have many years of working experience as a journalist in the auto industry.
In the first half of 2024, Guizhou Tyre’s revenue and net profit were 5.174 billion yuan (about £560 million; €670 million) and 427 million yuan (about £46 million; €55 million), up 16.51 per cent and 25.67 per cent year-on-year. During the reporting period, the company produced 4.7942 million tyres, up 18.81 per cent year-on-year, and sold 4.7175 million tyres, up 19.75 per cent.
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Earlier in October, Guizhou Tyre reported that phase III of its Vietnam factory project had made new progress, and “all domestic and overseas investment approval and filing procedures have been completed”. As a result, now the tyre manufacturer “will actively promote the construction of the Vietnam phase III project and strive to put it into production as soon as possible”.
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Since September, the International Trade Administration Commission of South Africa (ITAC) has launched an investigation into the circumvention of anti-dumping investigations by redirecting tyres from China to Cambodia, Thailand and Vietnam.
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Doublestar’s board of directors has approved a transaction plan to control Kumho. Specifically, the company plans to purchase assets by issuing shares and paying cash and ultimately achieve the goal of indirectly holding 45 per cent of Kumho’s shares and becoming Kumho’s controlling shareholder. Prior to this, Doublestar’s controlling shareholder, Doublestar Group, and several other Chinese companies jointly held this part of the equity. In other words, Doublestar can officially manage Kumho’s operations after this transaction.
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At 2.28 billion yuan (about £250 million; €290 million), Doublestar’s revenue was almost the same year-on-year in the first half of 2024. Doublestar was still in the red during the reporting period. However, compared with the same period in 2023, its losses were further reduced to 57.1 million yuan (about £6.2 million; €7.4 million). According to Doublestar, “PCR product profitability continues to improve” but “insufficient market demand for truck and bus tyres” is why the tyre manufacturer is still losing.
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Triangle board member Xiong Shunmin has resigned for personal reasons. After resigning from being director and a member of the board’s strategic development committee, Xiong Shunmin no longer holds any position at the tyre manufacturer and its holding subsidiaries.
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Effective 1 October 2024, Mexico has imposed anti-dumping duties on passenger car and light truck tyres (PCR) from China. In the list published by the Mexican investigation agency, Zodo has the lowest tax rate of 5.18 per cent. Changfeng, Haohua, and Linglong-made products are being required to pay anti-dumping duties of 7.16 per cent, 11.55 per cent, and 19.37 per cent respectively.
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The Brazilian Foreign Trade Chamber (CAMEX) approved a request from the Brazilian tyre industry association ANIP to impose a 25 per cent tariff on imported passenger car tyres (PCR) for the next 12 months. Previously, the tariff was 16 per cent.
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On 30 September 2024, the first 17-inch and 18-inch tyres rolled off the production line at Sentury’s Morocco factory. The tyre manufacturer called this “the official start of production at the Morocco factory”. Qin Long, chairman of Sentury, attended the commissioning ceremony and announced that the first batch of tyre products officially rolled off the production line.
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In the first half of 2024, Jiangsu General’s revenue reached 3.07 billion yuan (about £333 million; €400 million), a year-on-year increase of 36.91 per cent. During the same period, the tyre company’s net profit was 290 million yuan (about £31 million; about €38 million), an increase of 393.32 per cent over the same period in 2023.
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Bridgestone appointed Zhao Laihong as general manager of Bridgestone (China) effective 1 January 2025. In this role, he will be responsible for the tyremaker’s “business development and strategic planning” in China. Bridgestone said that Zhao Laihong’s “deep understanding of the Chinese market, accurate positioning and strategic vision for Bridgestone’s development, and rich experience in foreign-funded enterprise management will lead Bridgestone’s business in China into a new stage of development full of vitality and vigour”.
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In August, China’s tyre exports continued the same trend witnessed since June, with the export volume exceeding 60 million unit. This month, China exported 61.86 million tyres, better than the 60.6 million in July but still far from the 65.08 million total in June.
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Doublestar has sold its Guangrao-based factory, Guangrao Jixing, to Lubo Rubber for 205 million. The two parties signed a Property Rights Transaction Contract in September 2024, confirming what we published in May 2024.
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Doublestar has held a ceremony to celebrate the start production at its Cambodia tyre factory. The factory’s total investment is about US$200 million. It is a joint venture between Doublestar and Zhongqi Holding Group. At total production levels, it will be able to produce 7 million semi-steel radial tyres and 1.5 million full-steel radial tyres per year.
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Sailun Indonesia factory held a groundbreaking ceremony on 17 September. The tyre manufacturer called the Indonesian project “another important layout of the globalisation strategy”, “meeting the product and service needs of the local market”, and “enhancing the competitiveness and influence of Chinese tyre brands in Southeast Asia and even the global market”.
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