The China Rubber Industry Association reports that Hangzhou Zhongce began work on a new facility in China on June 15.
The first phase of the project is expected to be complete by the end of next year, at which the plant will be capable of producing ten million high performance passenger car tyres and light truck tyres.
An investment of RMB 2.4 billion (£240.8 million) is required for this initial phase; in total, the project will take six to eight years to complete and involve an investment of RMB 8 billion (£802.9 million).
First phase annual sales are expected to reach RMB 4 billion (£401.5 million), growing to over RMB 20 billion when the project is complete.
