Toyo to Build Truck Tire Plant in North America

On March 4, during a press conference, the CEO of Toyo Tires, Takashi Shimizu, presented a five-year development plan for the company, which includes the construction of a new truck and bus tire plant in North America.

The possibility of building a plant in four countries, including the United States, where Toyo already has a production facility for passenger and light truck tires (in Georgia), is being considered. Shimizu stated that the demand for truck and bus tires, including those with retreaded treads, in the regional market continues to grow, which is what prompted the decision to make new investments.

Currently, Toyo's truck tires for the North American market are mainly produced in Mie (Japan), and the new plant is expected to increase their sales by 1.5 times, as well as help optimize logistics and cost structure.

The project to launch the new enterprise has been included in the 5-year investment program totaling 340 billion yen (2.16 billion dollars), and funds will be allocated for both increasing production capacity and research and development, as well as "optimizing the global supply chain".

Toyo notes that the company is currently striving to transition from producing tires in Japan for the global market to a model that involves localizing production in various regions, which should allow the company to more flexibly respond to changes in international trade and increase its competitiveness.

Shimizu emphasized that due to the recovery of the global trucking market and the development of eco-friendly logistics, the production of tires in this segment has significant growth potential in the long term, and Toyo will continue to improve the characteristics of its products and strengthen its advantages in the sector of high-quality tires for freight transportation.