Continental Bicycle Tyre Invests in China to Sixfold Production
HEFEI, China – At the 2015 Global Automotive Forum in the Chinese city Chongqing Continental’s executive board member and president & CEO of Continental China Ralf Cramer announced the company’s investment plan for China.
“Continental will continue to invest in China, as China is the growth engine for Continental globally,” said Ralf Cramer. He was not only talking about the automotive business, though this industry will take the majority of the investment.
Cramer also announced that Continental would invest more in its tyre plant in Hefei, based in the Chinese province Anhui. The investment plan includes increasing the bicycle tyre annual capacity from 2 million units to 13 million units by 2025 next to the car tyres. To date, Continental has invested 250 million euro in its Hefei plant. The investment is expected to surpass 500 million euro when the expansion is completed, according to the company.
Continental’s investment in China follows the company’s strategy of ‘in the market for the market’, to be close to its customers and satisfy the fast-growing demand from the Chinese market.