Following the production of the first giant tyre in its plant in Vietnam on 18 November, Sailun Group says its factories outside China are now equipped to manufacture a full range of PCR, TBR and OTR products.
On 1 November, Federal Corporation announced that chairman and general manager Chen Heng Kuan resigned. Recently, the tyre manufacturer’s board of directors appointed new leaders. Starting 9 November, Kuo Lin-Liang, chairman of Nankang Tire, will become chairman of Federal. Chung Cheng-Yen, an executive assistant to the chairman of the Federal, assumes the general manager position.
Vietnam’s Binh Phuoc Province shares that the chair of its Provincial People’s Committee issued an investment registration certificate to Chinese tyre maker Shandong Haohua Tire on 11 September 2023. As Tyrepress.com reported in July, Haohua intends to invest US$500 million to build a factory in Vietnam capable of producing 12 million semi-steel radial tyres for cars and other light vehicles and 2.4 million all-steel truck radials a year.
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).
Tyrepress China has learned that Chinese tyre manufacturer Haohua is preparing to invest US$500 million to build a tyre factory in Binh Phuoc, Vietnam. The products produced will cover semi-steel radial tyres and all-steel radial tyres.
New for 2023, growing wholesaler International Tyres has taken on Blacklion Tyres and Fortune Tyres as exclusive additions to the company’s product portfolio.
Qingdao Doublestar’s 2022 annual report shows stable revenues and growing losses. While operating income amounted to 3.91 billion yuan (£460 million), an amount fundamentally unchanged from the previous year, the bottom line net loss attributable to shareholders grew 87.93% year-on-year to 601.9 million yuan (£70.82 million).
On 24 February, Federal signed an off-take agreement with Vietnam XT Tyre. According to the agreement between the two parties, XT Tyre will start to produce tyres for Federal in 2023 by Federal’s orders and production specifications. Federal did not disclose the details of the cooperation with XT Tyre, including the specifications and production capacity involved in the making the agreed products and the specific timetable for the collaboration between the two parties.
Originally created by the US military as a retreading facility, Danang Rubber (DRC) claims the highest market share for truck tyres within Vietnam, a country with almost 100 million people and a very active road transportation industry. The company is also a first-time Tyrexpo Asia exhibitor and is “enthusiastically looking forward” to introducing itself to Asian and global markets.
Luo Yongli, deputy general manager of the company, recently told a briefing that he is optimistic about the operation of Cheng Shin in 2023. In the past, Cheng Shin has reportedly significantly reduced capital expenditures to combat adversity in the operating environment. But with the overall situation expected to improve, the tyre maker will start expanding production capacity, including launching a 40 million tyre capacity expansion plan at factories in mainland China.
The expansion project of Kumho’s Vietnam plant has entered the final stage. It is reported that all administrative procedures related to the trial operation of the expansion project have been completed.
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.
The China Securities Regulatory Commission reviewed and approved Sailun’s convertible bond public issuance application on 13 September. The tyre company plans to raise about 2 billion yuan (about 250.2 million pounds, 286.3 million euros), mainly for constructing two factories in Vietnam and Cambodia. Sailun said that investing in two overseas factories could further expand its tyre production capacity overseas and increase its manufacturing scale and market share.
Hämmerling – The Tyre Company GmbH, a tyre wholesaler based in Paderborn, Germany and active throughout Europe, with its own Athos, Talas and Sämm tyre, is expanding its Samson product line-up to include a wide range of truck and bus tyres.
On 31 August, Guizhou Tyre released its semi-annual report. In the year’s first half, Guizhou Tyre produced 3.7005 million tyres, a year-on-year increase of 3.53 per cent, and sold 3.4447 million tyres, a rise of 1.07 per cent. During the same period, the tyre company’s revenue reached 3.949 billion yuan (about £490 million, 570 million euros), an increase of 13.16 per cent, and achieved a net profit of 160 million yuan (about £19.86 million, 23.12 million euros).
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Federal
Cheng Shin
Kumho
Online investor Q&A
Sailun
Hammerling