ANQUING, China—Jiangsu General Science Technology Co. Ltd. is investing $473 million to build a new plant for radial tires in China.
The plant's first phase has a designed annual capacity of 1.2 million units of truck and bus tires and will take 14 months to complete, the company said July 1.
Phase two, with 9 million units in annual capacity for passenger car tires, will take 26 months.
The production facility will be located in Anqing, Anhui province and will cover 300,000 square meters of total area.
When on full stream, the plant will create 1,560 new jobs and generate $45 million in annual net profit on $425 million in revenue, General Science said.
Anqing has been a hub for China's automotive sector, housing both China's traditional auto heavyweights such as Chery and JAC motors as well as electric vehicle makers such as NIO.
The city is aiming for a $15.5 billion auto industry with more than 600,000 units of annual production by 2025, General Science said, citing a government document. The passenger car segment will be worth $7.7 billion, it added.
Last month, General Science announced it has revived plans to build a tire plant in Cambodia, three years after suspending a project there in favor of investing in Thailand.