TAIPEI--Cheng Shin Rubber Industry Co., Taiwan's largest tire maker, has vowed to soon replace Japan-based Yokohama Tire Corp. to become the eighth largest tire supplier in the world, up one notch from its current position.Citing statistics compiled by the Tire Business, a trade magazine, Cheng Shin Chairman Lo Tsai-jen said his company posted US$4.76 billion in sales in 2013, only about US$157 million shy of Yokohama's revenue.
In the first half of this year, the gap between Cheng Shin and Yokohama in terms of sales was narrowed to just US$41 million, the statistics showed.
Lo said that his company is gearing up to boost its annual sales to US$5 billion in the short term to take the world's No. 8 position from Yokohama.
According to its website, Cheng Shin runs production lines in Taiwan, China, the United States, Canada, Thailand and Vietnam.
A plant in Kunshan, China in which Cheng Shin has invested NT$5 billion (US$165 million) in a bid to raise the company's overall production capacity has cut the tire maker's delivery time by 30 percent, helping the company secure more orders to reach its goal of earning higher annual revenue, Lo said.
Lo said his company has set its sights on the fast growing China market, where car sales are expected to continue to grow significantly, which in turn will boost demand for tires.
