Cooper Tire & Rubber Company, a subsidiary of American tire giant Goodyear Tire & Rubber Company, has begun construction of the second phase of its factory in Kunshan, eastern China.
When the new project, worth $200 million, is completed, 2,6 million radial tires are expected to be produced each year for passenger cars. This will bring the total annual production value of Cooper's Kunshan company to over 2 billion yuan (about $281.83 million).
A high-standard green workshop will be built to manufacture tires made from fully recyclable materials that are expected to help Cooper reduce greenhouse gas emissions.
Kunshan Party Chairman Zhou Wei said, “Goodyear Tire & Rubber Company's growth in Kunshan demonstrates the confidence of foreign capital in the Chinese market,” adding that the city will continue to strengthen as an important growth pillar to promote the automobile industry.
Kunshan, a city known for its manufacturing industries in the Yangtze River Delta, has formed an auto parts industry chain of more than 150 billion yuan, and plans to increase the development of the new energy vehicle industry and smart connected vehicle industry.