YANTAI, China — China's Linglong Group Co. Ltd. has opened subsidiaries in Mexico and Luxembourg to engage in the import and export of tires and raw materials used in tire production.
The two subsidiaries — Elite Faith Mexico S.A. de C.V. in Mexico City and Linglong Luxembourg S.a.r.l. in Luxembourg City — were set up "as per Volkswagen's request to build up Linglong's overseas sales network to speed up the two companies' cooperation," Linglong said.
Linglong, in October, became a global supplier to Volkswagen A.G., becoming the first Chinese tire maker to secure such a position, according to the company.
In fiscal 2016 Linglong reported a 20-percent rise in revenue to $1.52 billion, nearly 54 percent of which came from overseas markets. The company's net profit during the year jumped 49 percent to $170 million, or 11 percent of sales.