Recently, Nankang Tire released its performance report of the first nine months in 2018.
In the first nine months, the company posted 1.79 billion yuan of sales revenue, year-on-year decreasing 8.59%, and its gross profit before tax was 71,500,000 yuan.
With vehicle sales growing slowly in China's mainland, Nankang Tire's sales income kept sliding down in the first nine months, adding to limited expand in European market and American market.
At the same time, Nankang Tire invested 336 million yuan to update intelligent warehouse and intelligent manufacturing system in the first three quarters.
The company said after completion, the company's production would show large growth, to reach 2.7 million units to 3.7 million units between 2019 to 2020.
By the end of 2018, the company's EV tire matching electrical vehicle would be released to the market. At the same time, high value-added production orders from European market were also increasing.
The company would reduce low-price, low-gross profit production in Taiwan Xinfeng factory and Jiangsu Zhangjiagang factory in the future, and produce production for European clients.
It predicted to realize over 10% of sales growth in 2019 after EV tire hitting the market.
Nanking Tire, founded in 1929, is one of longest tire companies in Taiwan, and stopped its Nankang factory already in Taiwan.
