Yokohama Rubber announced on February 17 that it will invest an additional $82 million in India to build a new passenger car tire production line. The new passenger car tire production line will be located within the company's plant in Visakhapatnam, Andhra Pradesh (AP) in southern India, where the company began production of off-highway tires in August 2022. The new production line is expected to increase the company group's annual production capacity of passenger car tires in India from the current 2.8 million tires to 4.5 million tires (approximately 1.6 times), with production scheduled to begin in the fourth quarter (October to December) of 2024.
India's automotive industry is steadily expanding, with the country surpassing Japan to become the world's third largest automobile market in 2022, and demand for automotive-related products is expected to continue growing in the future. The Yokohama Rubber Group has been expanding its production capacity in India in order to meet this growing demand, and the scale of expansion announced this time is the largest planned by the company in India to date.