BEIJING (May 8) — Hankook Tire Co. Ltd.´s plant in Jiaxing City, China, has produced its 100 millionth tire in its 10th year in operation.
Hankook started production at the Jiaxing site in Zhejiang Province in 1998 after investing $75 million there starting in 1996. Hankook lists the plant´s annual capacity as 28 million units of passenger radials.
With this factory and a joint venture plant in Hualyin, Jiang Su, Hankook is targeting a 25-percent market share this year, according to Hankook Tire President Choi Jin Wook. In addition to manufacturing, Hankook is building a distribution network and investing in research and development to support its growth efforts in China.
"It is hoped that through the realization of these goals in 2007, Hankook will ultimately become Chinese consumers´ favorite brand of tires," Wook said.
Hankook also claims to have captured nearly 30 percent of the Chinese original equipment market, supplying 3 million units to Chinese vehicle makers last year, up from 1 million in 2004.
Hankook´s units in China are Hankook Tire Jiaxing Co. Ltd. and Jiangsu Hankook Tire Co. Ltd., the latter a joint venture with Jiangsu Qingtjiang Rubber Co. Ltd.