FRANKFURT – German automotive supplier Continental plans to expand capacity at its tire factory in Hefei, Anhui Province, and invest more than €250 million ($279.6 million) in the site, reported Reuters.
Passenger car tire production in Hefei is set to grow to 14 million a year from 5 million by 2019, and bicycle tire output will reach 13 million a year by 2025, compared with around 2 million now, Continental said in a statement.
With the expansion, the number of jobs will increase to 2,700 from 1,150 now, according to board member Nikolai Setzer.
Continental, which seeks to boost the share of Asian sales to 30 percent of global turnover by 2020 from a fifth at present, said in April it planned to invest about €1 billion in China over the next five years.
Continental Tires has opened its first China-based Research and Development Test Center in Hefei.