China's tire manufacturer Sailun promotes overseas expansion

China's Sailun Group Co., Ltd. (601058.SH), a leading tire manufacturer, announced recently that it plans to make an additional investment of 770 million yuan in the Cambodian project, bringing the total investment to 2.25 billion yuan and the annual production capacity to 12 million semi-steel radial tires. 

It is the latest move taken by the Shanghai-listed company to expand its presence overseas. Earlier, in December 2023, Sailun signed an agreement with TD INTERNATIONAL HOLDING, S.A.P.I.DE C.V. to establish a joint venture company in Mexico and invest in the construction of a project with an annual production capacity of 6 million semi-steel radial tires, with a total investment of 240 million U.S. dollars. 

According to its filing to the stock exchange, the company is expected to achieve a net profit of around 3.1 billion yuan in 2023, up approximately 132.77 percent year on year.  

Sailun Group was founded in 2002 and is based in Qingdao, east China's Shandong Province. The company has already entered into markets of Vietnam, Cambodia, and Mexico. (Edited by Xie Weijia, Hu Pingchao, hupingchao@xinhua.org)