On December 12, 2023, Jinyu Tire Group held a groundbreaking ceremony for their new Passenger and Light Truck (PLT) production project in Tay Ninh Province, Vietnam. The overall design will provide a production capacity in three phases. The first phase is expected to reach production by early 2025. This project is an expansion of Jinyu (Vietnam) Tire Co., Ltd., which started in Vietnam in 2020, and is producing truck and bus radial tires (TBR).
In the past five years, Jinyu Tire Group’s strategy has been to suspend its PLT business and focus on the development of TBR tires, making significant progress in quality, production capacity, and market requirements. Now the time is right to restart the PLT business and Jinyu has set ambitious goals and expectations to bring to the market excellent quality PLT products that consist of the right Products, the right Programs, and at the right Price.
Chang Xianxu, Chairman of Jinyu Tire Group, stated at the groundbreaking ceremony that Jinyu's restart of the PLT business was a rational choice after careful consideration. On the one hand, it is to respond to market demand, enrich the business modules of the entire supply chain partners, and jointly create sustainable market competitive advantages; On the other hand, it is also to meet the company's own development needs, improve the company's product structure, and enhance the company's market competitiveness. Through the implementation of this strategic decision Jinyu will better serve the market and customers and achieve long-term sustainable development.
The strategic sales direction of the PLT products in the first phase of production will be based on the mainstream demand in the European and American markets, targeting the global Tier 1 and Tier 2 market. To meet this goal, the new factory comprehensively benchmarks against world-class tire enterprises in terms of product design, quality standards, process layout, equipment CNC, intelligent logistics, etc., and is committed to building a first-class PLT production base in the industry.
Jinyu Tire Group always adheres to the core value of "common interests above all else", and the construction of the new PLT factory also implements this core concept: reducing carbon emissions standards through green and intelligent manufacturing processes, promoting the "localization" strategy to create new employment opportunities for local society, assisting partners in market layout with stable quality and great service, and enhancing customer driving experiences with product comfort and satisfaction.
Restarting the PLT business signifies that Jinyu Tire Group is further expanding its product offering, accelerating its quality trajectory, and continuing to develop into a tire company that sets an example for its competitors around the world.