Anqing, China – General Science is investing €400 million (3.06 billion yuan) to build a new plant for radial tires in China.
The plant’s phase one has a designed annual capacity for 1.2 million units of truck and bus tires and will take 14 months to complete, said a company announcement on 1 July.
Phase two, with 9 million units annual capacity for passenger car tires, will take 26 months.
The production facility will be located in Anqing, Anhui province and will cover 300,000 square metre total area.
When on full stream, the plant will create 1,560 new jobs and generate €38 million annual net profit on €360 million revenue, said General Science.
Anqing has been a hub city for China’s automotive sector, housing both China’s traditional auto heavyweights such as Chery and JAC motors as well as electric vehicle makers such as NIO.
The city is aiming for a €13 billion auto industry with over 600,000 unit annual production by 2025, said General Science citing a government document. The passenger car segment will be worth €6.5 billion, it added.