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Yokohama Rubber announced on November 1 that it will establish a joint venture with Hangzhou Rubber Group in Hangzhou in January 2002. The registered capital of the joint venture company is US$12 million. After the establishment of the company, it is estimated that the production capacity in April 2003 will be 750,000 per year, and it is planned to increase to 1.5 million in 2006, and the total investment will also increase to 60 million US dollars. The company will adopt new production technologies that will substantially shorten the original production line. Most of the tires currently sold in China by Yokohama Rubber are entrusted to local Chinese companies.
Michelin has established a joint venture company with Shanghai Tire Company this spring. In addition to tires produced under the Shanghai Tire brand, tires will be produced by the company in 2002. Michelin also has a production base in Shenyang. This year it will further consolidate its position in the Chinese market.
Brixton has factories in Shenyang and Tianjin. It is actively expanding its production scale in China and its production technology has been further improved. The company plans to produce tires for cars for Japan in the future in its factory in Tianjin.
The Chinese tire market was originally based on tires for trucks and buses produced by domestic companies. With the birth of the family car market, the auto market has further expanded and the production of joint ventures is further expanding. At present, there are about 200 manufacturers of Chinese four-wheeled tires (including local Chinese companies and joint ventures). According to calculations by Yokohama Rubber, the total demand for Chinese tires will reach 40.5 million by 2004, and 3/4 of them will flow into the market. By 2010, it will increase to 108 million, of which 40% will be car tires. Toyota Motor Corporation will begin production of small cars in Tianjin next year. Under the background that foreign manufacturers accelerate the production of automobiles in China, the demand for direct manufacturers will be further expanded. Yokohama Rubber currently sells tires mainly to the market and this year it will also explore opportunities for direct sales to manufacturers.
World Tire Manufacturers Actively Expand Investment in China
After China's accession to the WTO, the automobile market will rapidly expand and the demand for tires will increase. Centered on automotive tires and high-performance tires, tire manufacturers in Japan and Europe and the United States are accelerating their investment in China. Yokohama Rubber Co., Ltd. will begin production of passenger car tires in China in May 2003; France's Michellan and Brisbane Ursington will also expand production in China.
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