The China Rubber Industry Association reports that Hangzhou Zhongce began work on a new facility in China on June 15.
The first phase of the project is expected to be complete by the end of next year, at which point the plant will be capable of producing 10 million high-performance and light truck tires. An investment of RMB 2.4 billion is required for this initial phase; in total, the project will take six to eight years to complete and involve an investment of RMB 8 billion.
First phase annual sales are expected to reach RMB 4 billion, growing to over RMB 20 billion when the project is complete. (Tyres & Accessories)