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Jiangsu General terminates Anqing tyre factory project

Jiangsu General

On 24 March, Jiangsu General terminated its plans to build a tyre factory in Anqing, Anhui. The tyre manufacturer said that the relevant procedures could not meet the project’s construction and development needs due to factors such as industrial policies, local policies, and land planning. Considering “time cost, project planning and market”, Jiangsu General terminated the investment. At the same time, the company believes that the expenditure on the Anqing project is relatively small, and the termination will not significantly impact its financial status and operations.

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  1. China’s GS Tire raises Cambodia investment to $300 million
  2. Jiangsu General raises funds for Cambodia factory
  3. Jiangsu General planning to run five tyre factories
  4. Next stop “Americas”: Linglong aiming for global production capacity top 5 by 2030
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Sentury Tire Spain factory still set to start construction in 2023

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Las Pontes Council

While Sentury recently confirmed it is investing in a factory across the Mediterranean in Morocco, on 27 March 2023 officials once again confirmed that the Spain factory is set to begin construction this year. In addition, at the same time, executives agreed to prioritise the employment of ex-Endesa workers when the local power station closes. Indeed, the mayor of Las Pontes, Valentín González Formoso, and Qin Long, president of Sentury Tire, signed an agreement to that effect.

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  2. Wind powered Sentury Spain tyre factory on-track
  3. Tatneft investing 217 million euros in Kazakhstan tyre factory
  4. Sentury CEO and ‘number two’ running Spain factory project
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IFC takes 5.6% share in JK Tyre

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World Bank Group member IFC is investing US$30 million in JK Tyre & Industries. These funds will part-finance the expansion of capacities and integration of resource-efficient technologies into TBR & PCR manufacturing, leading to a more than 10% increase in radial tyre production. IFC gains a 5.6% stake in the tyre maker.

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  1. JK Tyre now 26% shareholder in Treel Mobility Solutions
  2. JK Tyre reduces pay for management in “unprecedented” times
  3. Former F1 driver Karthikeyan JK Tyre’s new brand ambassador
  4. Anaj Kathuria to lead JK Tyre’s India business
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Yokohama boosting Indian plant’s passenger car annual tyre capacity to 4.5 million tyres

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Yokohama

Yokohama is investing US$82 million in expanding the annual passenger car tyre production capacity of its Yokohama India Pvt. Ltd. (YIN) from 2.8 million to 4.5 million tyres. The new capacity will be installed within premises of the Visakhapatnam plant in eastern India and is scheduled to start production in the fourth quarter of 2024. At that point, the factory will be capable of building passenger car tyres up to 22 inches.

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Nexen Tire invests in curbside management firm Automotus

Next Century Ventures (NCV), Nexen Tire’s venture capital arm, has invested in Automotus, a curbside management technology company. Nexen representatives described the investment as a way of meeting “NCV’s goals to revolutionize the mobility industry”. No financial details have been released.

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Next stop “Americas”: Linglong aiming for global production capacity top 5 by 2030

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Alongside an exclusive tour of Linglong Tire’s new European production base in Serbia, Tyres & Accessories sat down with chairman Wang Feng in a conversation that covered topics including the company’s plans for its latest factory in Serbia, the location of its next manufacturing investment and the fast-growing tyre manufacturer’s strategic goals.

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Sentury buys land for Morocco tyre factory project

China Road and Bridge Corporation

On 3 March, Sentury purchased 20 hectares of land for the company’s Morocco tyre factory project. Lin Wenlong, general manager of the tyre manufacturer, formally signed a land purchase agreement with the company in charge of the Tangier Tech City project. According to various reports, Sentury will use this piece of land located in Mohammed VI Tangier Tech City to build a factory in Morocco. The project is scheduled to start construction in July 2023 ahead of an 18-month construction period.

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SK Incheon Petrochem partnering LD Carbon tyre-derived oil project

Lars Eriksen; Pixabay

SK Incheon Petrochem, a petrochemical wing of South Korean conglomerate SK Group’s intermediate holding company SK Innovation, has made an equity investment into LD Carbon, uses pyrolysis to extract oil from end-of-life tyres. The news confirms earlier reports that LD Carbon was being backed a South Korean petrochemical firm.

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Hankook Tire invests in e-commerce platform Carmerce

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Hankook Tire & Technology has become a KRW 3 billion (£1.9 million) pre-Series A investor in South Korean used car e-commerce platform ‘Carmerce’. The tyre maker and start-up signed an investment contract at Hankook & Company’s headquarters on 28 February.

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America first: Continental sister company Schaeffler investing across the pond

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Major German automotive components supplier Schaeffler Group, which like tyre and automotive systems firm Continental counts the Schaeffler family’s IHO Holding as a significant shareholder, is shunning investment at home and in Europe in favour of the USA. In addition to more advantageous energy prices, Schaeffler looks approvingly upon the USA’s more pragmatic approach to climate issues.

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LD Carbon closing $250 million contract with South Korean oil firm

LD Carbon is on the brink of closing a 10-year tyre pyrolysis oil contract with a South Korean oil firm. Tyres & Accessories understands that the 10-year deal will be worth around $25 million a year, making the whole contract worth around $250 million.

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  1. Orion completes Korea Carbon Black plant
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  4. SK Incheon Petrochem partnering LD Carbon tyre-derived oil project
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Sentury CEO and ‘number two’ running Spain factory project

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Narcisa Aciko; Pexels

Following the departure of Sentury’s Spain factory project’s general manager, Warren Rudman, Sentury’s senior executives have taken up the reins of Sentury Tire (Spain), according to local business publication Economia Digital Galicia.

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Linglong to build tyre factory in the Americas

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Linglong

Linglong Tire will build its next tyre factory in the Americas region. Tyres & Accessories learnt the news during a recent interview with Linglong Tire chairman Wang Feng, which took place alongside an exclusive tour of the company’s new European tyre production facility in Serbia.

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  1. Next stop “Americas”: Linglong aiming for global production capacity top 5 by 2030
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  4. $174 million investment: Nokian Tyres boosting USA production, warehousing
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New Doublestar factory in Cambodia

Doublestar

On 20 February 2023, the board of directors of Doublestar reviewed and approved the proposal to build a factory in Cambodia. The tyre manufacturer reportedly plans to establish a joint venture with UBE Development Co., Ltd in order to complete the plans.

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  1. Serbia open for business
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  4. Sailun bond issuance application approved
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BKT consolidating Waluj production in single, 55 KTPA plant

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Late in 2021, BKT announced operations would continue at its 1988-inaugurated Waluj factory following the commissioning of a plant originally intended to replace it. A year down the track and BKT reverted to its initial plan and is now redirecting the capital expenditure of Rs 3.5 billion (£35.2 million; US$42.4 million) previously approved for modernising the old plant to the newer Waluj facility to “bring in economies of scale.”

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  1. BKT opens India R&D centre
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  4. BKT investing to keep old Waluj plant in service
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