Double Money Tire is one of the largest tire manufacturers in China. The company is studying the feasibility of building a tire factory outside China due to its development prospects and high tariffs on tire exports.
Double money tire
According to foreign media reports, in recent days, Liu Xunfeng, chairman of Shanghai Huayi (Group) Co., Ltd., spoke of the possibility of building factories abroad, saying: "The location of double money may include the United States and Thailand."
Shanghai Huayi is a state-owned company that holds 66% of the shares of Double Money Tire.
Or build a factory through cooperation
It is understood that if the plan is finalized, it will be the first time a dual-tire tire has built a tire factory outside of China. However, Liu Xunfeng did not give a timetable for the construction of a new factory and refused to disclose the type of new factory.
He said that Shuang Qiang has maintained good cooperation with various industries in Thailand and the United States. "That is why we are considering the possibility of building a tire factory in the United States, but this is only a consideration, thinking, and not a final decision." The company believes that more investigations are still needed, including local unions, policies, and market competition. Factors such as force considerations.
"Because Chinese companies sell products to the United States is one thing. Establishing factories in the United States is another matter. This is completely different." Liu Xunfeng said that Shuang Qiang and Huayi are open-minded and retain the possibility of cooperation with US tire companies. Including the acquisition of excess capacity of a tire factory, and the United States companies to achieve commercial or technical cooperation.
No matter what kind of cooperation, Double Money wants to create synergies with its partners and customers and achieve positive results. Liu Xunfeng pointed out that Shuang Qian hopes to carry out some form of cooperation with American tire manufacturers such as Goodyear or Cooper.
"The key to the problem is whether you want to make the business stronger and the business expanded by some form of cooperation," he said.
High-tariff due to state-owned status
Due to the high “double reverse†tariffs imposed on tires by the United States, dual-tire tires have been hit hard. At the end of 2014, the US Department of Commerce imposed an anti-dumping tax of 105.59% on engineering tires exported to the United States with double money, which caused the company to stop exporting engineering tires to the United States because exports were losses.
According to Aaron Murphy, the vice chairman of the China Manufacturers’ Union in the United States, double money is currently digesting the engineering tire inventory in Los Angeles and Memphis, Tennessee. The company’s sales office in the United States is located in Monrovia, California.
Liu Xunfeng said that the U.S. Department of Commerce’s decision has affected about a quarter of the engineering tire production of double money.
Aaron Murphy said that once U.S. stocks are depleted, double money will be suspended in the U.S. engineering tire business.
At the same time, the company’s passenger car and light truck tires exported to the United States are also facing high anti-dumping and countervailing duties. Earlier this year, the US International Trade Commission ruled that the large number of passenger and light truck tires imported from China caused substantial damage to the US tire manufacturing industry.
In the classification process, double money was classified in the category of state-owned enterprises, and the anti-dumping tax was as high as 87.99%. Murphy said that the reason the company was classified in this category was not because of dumping, but because the US Department of Commerce’s policy stipulated that if a Chinese tire company owned 50% of its shares in state-owned assets, the company would not be eligible for a separate tax rate. Essentially, these companies are driven out of the market because of state-owned holdings, not because of the dumping of tires.
The US International Trade Commission’s ruling resulted in the inability of dual-money production of passenger cars and light truck tires to be sold in the United States.
Liu Xunfeng stated that the U.S. government may still impose higher tariffs on truck tires imported from China, and this factor further affects the double-cheap foreign construction plan. "The U.S. market is its most important market and holds the most important weight in the total export volume of double money."
He stressed: "We have spent nearly 20 years nurturing this market with our colleagues in the United States. We really do not want this to happen."
Has many "first"
At present, Shuangqin has five tire factories in China: Shuangqin Group Co., Ltd., which produces about 2.5 million radial truck tires and large-scale and giant engineering radial tires each year; Shuangqin Group (Rugao) Tire Co., Ltd. produces 2.5 million U.S. dollars annually. Article all steel tires and 100,000 engineering radial tires; Shuangqian Holdings (Chongqing) Tire Co., Ltd., produces 1.2 million pieces of all-steel tires each year; recently acquired Shuangqin Group (Xinjiang) Kunlun Tire Company in Urumqi; Shuangqin Group ( Anhui Warrior Tyre Co., Ltd. is located in Wuwei, Anhui Province. It is a joint venture with Michelin. It owns 60% of the shares in the joint venture. Michelin holds 40% of the shares and produces 2 million tires for passenger cars and light trucks each year.
The Shuangqin brand was established in 1929 and advertised its "first time." In 1934, the first Chinese automobile tire was produced; in 1935,
The brand of Huali was born; in 1964, it produced the first Chinese all-steel radial truck tire; in 1982, it produced the first passenger car radial tire; in 2002, it produced the first all-steel engineering radial tire; in 2003, the first article of production Steel industry radial tires; In 2010, it became the first Chinese tire company to obtain the US Environmental Protection Agency's energy-saving tire certification.
If double money decides to build a tire factory outside of China, another "first time" may be recorded on this list.
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