Capacity at Toyo Tire North America Manufacturing (TNA) is to be ramped up as part of its expansion project at the facility. The fifth phase will involve installation of more production equipment in the empty space at the factory, which was expanded at the end of last year to boost capacity. The work will begin in September 2020 and will come online in January 2021. Investment will total about ¥7bn (US$64.65m). TNA expects to create 120 new jobs through the expansion.
In the North American market, pickup truck and large SUV sales are currently firm, and Toyo believes it has a competitive advantage with its large-diameter tires for these types of vehicles. Demand and supply of this type of tire is expected to continue at a steady pace in 2020 and beyond.
In line with its mid-term 2017 business plan, Toyo is making steps to strengthen its product portfolio, especially in North America, by focusing its range to reflect market trends, improving development and technical capabilities, and building an efficient supply chain.