Hongsheng Rubber reports that overseas orders increased significantly in 2024, with a 20% increase in the first half of the year. And moving forward, the company’s production capacity has been scheduled until March 2025, according to an interview with local media in Guangrao.
In 2023, Vietnam’s commercial vehicle tyre exports reached a total value of US$1.305 billion. According to research conducted by Research and Markets, with the growth in global tyre market demand in 2024, the cumulative export value of Vietnam’s commercial vehicle tyres had already approached $600 million by May 2024. By 2033, Vietnamese truck tyre exports are expected to reach a value of $3.27 billion, which equates to a compound annual growth rate (CAGR) of 9.8 per cent.
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.
Tyre makers in China exported 60.6 million tyres in July 2024, exceeding the 60-million mark for the second consecutive month. Volumes were up 6.8 per cent year-on-year in July, with the value of these tyre exports amounting to 14.05 billion yuan (£1.49 billion).
Jiangsu General said the Thailand plant’s construction project (Phase II) has been modified. Specifically, the tyre manufacturer has increased the production capacity of semi-steel radial tyres at overseas bases and cancelled the plan to expand the production capacity of full-steel radial tyres.
In 2023, Jiangsu General’s revenue was approximately 5.06 billion yuan (approximately £540 million; €640 million), with a net profit of 220 million yuan (about £ 24 million; €28 million). Compared with the net profit of approximately 17 million yuan (about £1.8 million; € 2.16 million) in 2022, the company’s profit has increased more than tenfold in the past year.
Aeolus’ revenue in 2023 will be 5.74 billion yuan (approximately £620 million; €730 million), an increase of 15.05 per cent from the previous year. Among the market shares, domestic market revenue accounted for 52.23 per cent, and replacement and OE accounted for 28.58 per cent and 23.65 per cent, respectively. According to the tyre manufacturer, it will launch a new 12R22.5 TBR product portfolio in the domestic market in 2023.
Data from China Customs shows that tyre exports continued to grow in April. The quantity and value of exported tyres were 55.49 million units and 13.32 billion yuan (approximately £1.45 billion; €1.7 billion).
The Dongying, Shandong Province-based Huasheng Group is planning to add a Cambodia tyre production plant to its portfolio of five factories. While there are few details at the moment, the even-lower-than-Chinese production costs paired with the company’s desire to increase tyre export sales are said to be the main motivations behind the move. Tyres & Accessories met company representatives during the recent GuangRao Tire and Rubber Auto Accessory Exhibition, which took place between 15 and 17 May in Dongying where the company had no less than five generously proportioned stands exhibiting its range of car, 4×4, light truck as well as truck and bus tyres.
Linglong Tire is relocating the production of truck tyres for the European market to its newly inaugurated factory in Serbia from their previous production base in China and Thailand, Tyrepress sister website Reifenpresse reports. According to the Chinese manufacturer, the Serbia plant is “one of the most modern tyre factories in the world.” With four new tyre series and a total of 47 new products or product sizes, the product range includes truck tyres for all purposes, all of which were “developed specifically for the European market.” Serbian president Aleksandar Vučić told Chinese media that Linglong could become the country’s “fifth or sixth-largest exporter” thanks to the new plant.
Linglong is set to become Serbia’s fifth or sixth largest exporter or at least that is what Serbian President Aleksandar Vučić said he hopes happens, in an interview with Chinese media.
Chinese Customs tyre export data for December 2023 shows that the number of tyre exports in December increased by 610,000 units from last month, basically maintaining the same level as in November. However, the export value and export weight in December decreased by 300,000 yuan and 30,000 tons compared with the previous month. In other words, the increase in the number of lighter-weight tyres has not led to an increase in export value.
In November 2023, China exported 52.35 million tyres, a year-on-year increase of 28.7 per cent. During the same period, the value of tyre exports reached 12.9 billion yuan, an increase of 30.6 per cent.
Recently, Guangrao County authorities, Shandong Province, held a press conference and stated that it would launch 10 policies to support the high-quality development of the local rubber tyre industry.
China-based manufacturers exported 54.66 million new pneumatic tyres in August 2023, a 13.6 per cent higher volume than in August 2022. The value of these tyres rose 19.7 per cent year-on-year, to RMB 13.63 billion (£1.55 billion, US$1.89 billion). These figures for August mark a return to double-digit growth for China’s tyre exports after a drop in growth during July.
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