Shanghai (Gasgoo)- On September 2, 2024, Continental Tires' Hefei plant in China reached a significant milestone, producing its 100 millionth passenger car tire, according to a post on Continental AG's WeChat account. This achievement highlights the company's robust growth in the Hefei region, where it has been operating for more than a decade.
As Continental's first and only tire production facility in China, the Hefei plant has been a key player in the company's expansion in the country. The factory rolled out its first ETO (Experimental Tire Order) tire in 2010, reached the production milestone of 50 million tires in 2020, and now, in 2024, has doubled that output to 100 million.
In June this year, Continental Tires announced the launch of 4th phase of its Hefei factory expansion project, which is expected to increase the plant's annual production capacity to 18 million tires by 2027. This expansion will further enhance the company's ability to produce ultra-high-performance (UHP) tires.
Benefiting from the strong demand in the premium tire market, Continental AG's tire division achieved an adjusted earnings before interest and taxes (EBIT) margin of 13.5% in 2023, significantly outperforming its automotive subsidiary, which posted a margin of just 1.9%.
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