Toyo Tire's new China plant will produce 2 million tires per year
Toyo Tire & Rubber Co. opened its first China plant last week to produce passenger vehicle and light truck tires for the Chinese market.
The plant, located in Zhangjiagang in east China's Jiangsu province, has registered capital of $50 million (317 million yuan), according to Toyo Tire.
The factory will hire 400 people and produce up to 2 million tires a year.
Toyo predicts that China's demand for replacement tires for cars and light trucks will double by 2015.
The Japanese tire maker said it will continue to evaluate tire market demand in China to see whether it needs to increase the plant's production capacity.
