9 Billion Yuan New Tire Factory, Announced Project Plan
A few days ago, Nexen Tire of South Korea disclosed its business objectives and medium - and long-term investment strategy for 2023.
The company first mentioned its plan to establish a tire factory in the United States in its investment strategy.
It is reported that the planned investment amount for this project is 1.7 trillion Korean won (approximately 9 billion yuan). The construction site of the factory is targeted within 8 states in the southeastern United States.
The site selection work is expected to be completed in the second half of this year, and the production time is from 2028 to 2029. The new factory is mainly responsible for producing passenger car tires, with an annual production capacity of 11 million pieces.
The company revealed that they are considering accelerating project progress through acquisitions or establishing joint ventures.
According to data, Nexen currently has four tire factories worldwide. Two of them are located in South Korea, one is located in Qingdao, China, and the other is located in the Czech Republic.
In 2023, Nexen plans to achieve sales of $2.13 billion (approximately RMB 14.9 billion), a year-on-year increase of 9.7%, and an operating profit margin of 6% -8%.
By 2027, the company's sales revenue will reach 2.66 billion US dollars.
