The foundation of Hankook’s Chongqing factory

On May 18th, the groundbreaking ceremony for the construction of Hankook Tire's third factory in China was held in Yufu Industrial Park, Yuzui Town, Liangjiang New District, Chongqing.

As a strategic layout of the Hankook Chongqing plant in the west, it signed an investment agreement with Liangjiang New District in November 2010. The total investment amounted to US$954 million and covers an area of ​​796 acres. It will be mainly engaged in the production of passenger car and passenger car tires. The new plant is expected to be officially put into operation in August 2012. After the production, it will produce 4,500 all-steel radial tires and 30,000 semi-steel radial tires every day; by the end of 2015, it will be completed, and the annual production capacity will reach 11.5 million, of which the production capacity of trucks and passenger cars will be 1.6 million.

Hantai entered China in 1996 and currently has two factories in Jiaxing, Zhejiang and Huai'an, Jiangsu, with an annual production capacity of nearly 30 million. In the Chinese tire market, Hankook has a market share of about 20%. In 2010, its ultra-high performance tires jumped 57.3% in the Chinese market.

It is understood that the automobile industry has always been a pillar industry in Chongqing. The Yufu Industrial Park in which the Hankook and Chongqing Plants are located is the seat of the “100 Billion International Automobile City” project, which is a key development area in the Liangjiang New Area. The Auto City covers an area of ​​30 square kilometers, mainly in China. Outstanding automobile groups are the mainstay, and will form an automobile and parts industry dragon with an annual output of nearly 2 million cars and engines and an output value exceeding several hundred billion yuan.