Hankook, Korea’s largest tire maker, will begin construction of a new plant in China early next year to meet growing demand for tires in what has become the world’s largest and fastest-growing automobile market.
The new plant will be in Chongqing in southwestern China and construction will begin in the first quarter of 2011. for completion by 2015.
This will be Hankook Tire’s third plant in China. The plant is expected to produce some 11.5 million tires a year for passenger and light commercial vehicles. That will bring Hankook’s production in China to more than 40 million tires a year.
Korea Joongang Daily reported that China is fast becoming the world’s largest market for automobiles with over 13 million vehicles sold.