On March 19, Michelin Group and the Group of Tiexi District signed the Memorandum of two projects: truck tires production expansion with 10 million annual output of tires. With the implementation of the contract, Michelin will build the world's largest tire production base in Shenyang.
Michelin Group invested a total of 150 million U.S. dollars for the project in Shenyang. According to market needs, the Group will invest 60 million U.S. dollars to expand truck tire production, so truck tire production capacity will reach 1.1 million. In the future the capacity will be increased from 1.5 million to 2 million. 300 million U.S. dollars will be invested in car tire production project.
