Dongyang Tire Group invested 9.8 million US dollars in the Zhangjiagang plant on September 9, 2010 formally laid the foundation, will target high-end market, manufacturing high-performance tires.
The new plant is Toyo Tire's first plant in Asia outside of Japan. It plans to produce 2 million tires a year, and is expected to start production at the end of 2011.
Toyo Tyre Executive Chairman Kenzo Nakaji told reporters that the tire companies all over the world have set up factories in China, but the tire companies that entered China in the past were all based on China's low-cost advantages, while the Toyo Tire saw a Chinese car. The continuous maturation of the industry and the competition in China's tire market began to shift to qualitative competition.
He said that after the completion of the Zhangjiagang plant, Dongyang Tire will introduce the latest technology to manufacture high-performance tires and compete with other competitors who first entered the Chinese market in the high-end market.
According to statistics from the National Bureau of Statistics, China's tire market has grown rapidly since 2005. Except for the slight drop of 2.2% in 2008 due to the impact of the financial crisis, the three-year growth rate in 2006-2009 has reached 2-3% in 2009. It has grown by 19.9% ​​and the annual output has reached 655 million.
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