Chonburi, Thailand – Chinese tire maker Prinx Chengshan (Cayman) Holdings Co., Ltd has launched construction of a tire plant in Chonburi, the company announced 1 April.
Phase 1 of the greenfield project will see an investment of $300 million to produce 4 million semi-steel radial passenger cars and 800,000 all-steel truck and bus radial tires annually.
Scheduled for commissioning by mid-2020, the “world-class” production facility will be the Hong Kong Stock Exchange-listed company’s first overseas production base.
“[The plant] is an important step towards the international development for Prinx Chengshan,” said chairman Che Hong Zhi during a 31 March ground-breaking ceremony.
Thailand was selected for its global free trade policies, access to natural rubber and being “the largest” car production centre in the ASEAN region, the company leader added.