NOKIA, Finland—Nokian Tyres P.L.C. has struck a deal with China's Qingdao Sentury Tire Co. Ltd. for Qingdao to make Nokian-brand tires under contract in China for Nokian to sell in central Europe.
Nokian said it is designing the tires and testing tires to be manufactured under this agreement. Production is set to start in the first half of 2023, with the first tires scheduled to reach the market in the second half.
Securing the production off-take agreement will allow Nokian to serve markets previously handled by tires made in Nokian's Russian factory, which is being sold in the wake of Russia's invasion of and continuing war with Ukraine.