CHONGQING, China (Feb. 18, 2013) — Hankook Tire Co. Ltd. has launched production of tires at its third plant in China, in Chongqing in southwest China.
The plant is expected to reach its initial production capacity of 2,400 tires per day by the middle of this year, the South Korean tire maker said in a statement. It did not say which type of tires is being produced initially.
By year-end 2015, annual output will expand to 10 million car tires and 1.6 million tires for trucks and buses.
Total investment in the plant will reach $954 million, according to Hankook.
The plant, located in Chongqing's Liangjiang New District, will mainly supply auto makers in Chongqing, including Changan Ford Automobile Co., Changan Automobile Co. and Lifan Industry Group Co.
Changan Ford is a 50-50 joint venture between Changan and Ford Motor Co.
Hankook's two factories in Jiaxin, Jiangsu Province and Hunan, Zhejiang Province, have a combined annual production capacity of 30 million tires, Hankook said.