Recently, information from the Ministry of Commerce shows that after the contact and field visits of German Continental AG and more than 20 tire factories in China, Continental AG plans to acquire a Chinese tire factory and modernize it to achieve annual production capacity. 10 million car tires and 1 million truck tires. The relevant decision will be made in 2004 and will be put into production in 2006. The total investment will reach tens of millions of euros. A market research report pointed out that China's automobile tire market has great potential. By 2008, annual demand will increase by 50% to 70 million.
Continental AG is the largest tire manufacturer in Germany, the second in Europe and the fourth largest in the world. In 2002, it produced 91 million car tires and 5.4 million truck tires.