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.
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”.
The 19th edition of the China International Tire Expo (CITExpo) opened yesterday in Shanghai. The 2024 iteration of the landmark event in the Chinese tyre industry calendar builds upon the success of the show’s 2023 return from the Covid-induced hiatus that interrupted its annual schedule. As ever, the show welcomes delegates from all around the world, including Tyrepress in its capacity as official media partner.
Several Chinese research institutions recently jointly released the “2024 China Brand Influence Index Report”. In the report’s “Top 10 Tyre Brand Influence” list, Doublestar ranked first.
GB Tyres (UK) Ltd has been appointed exclusive distributor of Advance Tyre agricultural products in the UK. The company views this arrangement as a milestone that will allow it to provide a wider range of quality products for the agricultural market.
In 2023, the overseas market has become essential for Chinese-listed tyre companies to increase revenue and profits. According to statistics from Tyrepress China, the overseas revenue of Sentury, Sailun, Jiangsu General, Prinx Chengshan, Triangle, and Doublestar in 2023 was higher than revenue in the Chinese domestic market. Aeolus, Linglong, and Guizhou Tyre have higher domestic market revenue.
Guizhou Tyre might not be the most familiar name in the business, but the Chinese tyre manufacturer – which is best known by its Advance and Samson brands – is working to change that with the establishment of a European organisation, TUV SUD testing its latest truck tyres, and there’s even talk of investment in a tyre factory outside China and car tyre production.
Guizhou Tyre’s board of directors has approved a plan to build a semi-steel radial tyre production line with an annual output of 6 million units at its Vietnam factory. This move means that the tyre manufacturer, which focuses on the production of TBR and OTR, is beginning to enter the PCR market.
he first tyre of Guizhou Tyre (also known as Advance Tyre)’s newly constructed all-steel engineering radial tyre (OTR) project has rolled off the production line. According to the plan, the project will be able to produce 380,000 tyres per year after reaching total capacity.
Another investment for China’s Guizhou Tyre. Only a couple of months after announcing plans to lift its Zhazuo factory’s annual OTR tyre capacity by 380,000 pieces and increase investment in its plant in Vietnam by US$58.08 million, the company says it will also invest RMB 300 million (£33.5 million) in a new solid tyre product at the Zhazuo site.
On 4 September the 18th China International Tire Expo (CITExpo) officially opened in Shanghai. Tyrepress China was present and found that many well-known tyre companies, including ZC Rubber, Sailun, Prinx Chengshan, Guizhou Tyre, Doublestar, and Jiangsu General have all made appearances at this exhibition and brought their flagship products.
Chinese manufacturer Guizhou Tyre released its semi-annual report on 22 August, providing progress updates about the production facilities it is currently building at home and overseas. The company also reported revenue of RMB 4.44 billion (£482.6 million, US$611.2 million) for the first half of 2023 and profit of RMB 340 million (£37.0 million, $46.8 million).
Recently, the World Brand Summit 2023 was held in Beijing. Tyrepress China learned that nine tyre manufacturing companies had been listed in “China’s 500 Most Valuable Brands”.
Doublestar, Guizhou Tyre, Linglong, Triangle, and Aeolus recently disclosed their semi-annual results forecasts. Doublestar was in the red in the first half of 2023. The other four tyre companies estimated that their performance would rise. Tyrepress China found that adjusting market and product structure became essential reasons for the net profit growth of several Chinese tyre companies. At the same time, the decline in raw material prices and shipping costs benefited tyre manufacturers in the first half of the year.
On 11 January 2023, Guizhou Tyre (also known as Advance Tyre) stated that it has terminated one of its recent tyre manufacturing projects before it got to the construction stage. Guizhou Tyre said its “3 million sets of high-performance all-steel radial tyres” a year construction project was closed down effective 31 December 2022.
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