Due to multiple reasons, 13 domestic tire companies are on the verge of bankruptcy or project construction
The reporter was informed that many domestic tire companies are on the verge of bankruptcy or project construction.
Five tire projects were suspended due to funding issues, all of which are private enterprises.
According to statistics, these companies have a total of 13 companies. Among them, there are 4 companies that have closed down and are about to close, including 1 state-owned enterprise, 2 private enterprises, and 1 Taiwan-funded enterprise, which will reduce tire annual production to 1.74 million full-steel tires and 8.57 million semi-steel tires. .
In addition, because of funding problems tire stop building five projects, all private enterprises, reducing the total planned annual capacity of 8.8 million steel tire, semi-steel tire 22 million.
Due to the fact that the environmental protection projects failed to stop the construction of three tire projects, all of them were privately-run enterprises. The total annual planned production capacity was reduced to 6.4 million full-steel tires and 24 million semi-steel tires.
Another reason for the suspension of construction of the tire project was the land permit issue. Its planned annual production capacity was 1.2 million full-steel tires.
Insiders told reporters that the reason for this situation is the tire market downturn. In recent years, a number of new projects have been introduced in the tire industry. Some of the projects are not high-grade, and they are redundant constructions, resulting in serious overcapacity at the low end and low product competitiveness. With the slowdown in economic growth, weak demand for tires and blocked exports, corporate capital pressure has increased significantly.
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