Cheng Shin Rubber Industry Co. is ramping up R&D spending at its Kunshan, China, facility this year with the hope of securing more orders from international brands, reports the Taipei Times.
The tiremaker, which produces Maxxis, CST, Sakura and Presa brand tires, also said that it aims to become the eighth-largest tiremaker in the world, ahead of Yokohama Rubber Co.
In total, Cheng Shin spent NT$1.57 billion (approximately $51 million) on R&D in the first half of the year, accounting for 2.45% of its NT$64.29 billion (approximately $2.12 billion) revenue, according to the company’s filing with the Taiwan Stock Exchange.