China’s General Science recently held the commissioning ceremony for its Chinese semi-steel tyre expansion project in Wuxi, and the Thailand Phase II project in Rayong on the same day.
The company’s Thailand Phase II project has a designed production capacity of 10 million semi-steel tyres. After full production, it is expected to achieve an average annual revenue of 2.466 billion yuan and an average annual net profit of 459 million yuan.
In 2019, the company built its first overseas production base in Thailand. With the Cambodian base reaching full production capacity in May this year, General Science became the first tyre company in China’s tyre industry to successfully achieve full production of its “dual overseas bases”.
The daily output of semi-steel tyres at the Thailand base has exceeded 20,000, and the daily output at the Cambodia base has exceeded 17,000, but overseas orders are still in short supply.
The Wuxi semi-steel tyre expansion project optimised and upgraded part of the original full-steel tyre production capacity, adding 6 million new tyres.
The two major projects started construction in September and November 2023 respectively, and were completed in 9 months and 6 months.
According to the company, the two major projects put into production this time focus on creating new energy, green and high-performance products of independent brands, focusing on sustainable material design, and achieving “high quality and low carbon”.
As the tyre industry becomes more prosperous, especially as demand in the overseas tyre market continues to rise, the tyre industry maintains a momentum of rising export volume and price.
According to statistics from the General Administration of Customs of China, China’s rubber tyre exports reached 3.63 million tonnes in the first five months of 2024, a year-on-year increase of 4.6%; the export value was 64.2 billion yuan, a year-on-year increase of 6.1%.