15 Nov 2022
Japanese tire maker's first European facility scheduled to reach 5m production capacity by autumn 2023
Tokyo – Toyo Tire Corp. is set to officially open its first European tire production facility in Indija City, Serbia in December, with ramp up to full production scheduled for the next three quarters.
In its third quarter financial results published 14 Nov, Toyo said all of the main facilities at the manufacturing plant would be “installed and operational” by December.
The tire maker said it would then build up production equipment to reach an annual capacity of 5 million tires by the third quarter of 2023.
Toyo said it made its first shipment of tires from the plant on 9 August.
The facility, Toyo added, will "preferentially supply the US market" until the end of this year to meet robust demand.
Once fully operational, Toyo aims to exports 2 million units of ‘made-in-Serbia’ tires to North America while 3 million units are to be supplied to the local European market to accelerate the company’s shift to local production.
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