Recently, Toyo Tire (Tong Yiou) announced tire expansion plans.
A spokesman for the company said they plan to invest 21 billion yen (approximately 1.413 billion yuan) to expand the Malaysian plant.
It is understood that through this expansion, the capacity of the Toyo Tire Malaysia plant is expected to increase by approximately 48%.
At present, the annual tire production capacity of this plant is 5 million, and it can reach about 7.4 million after expansion.
Toyo Tire said that the newly expanded plant has been completed and will be officially put into production in October.
Prior to this, the tire manufacturer had started construction of a European tire factory.