Warrior battles for high-end tire market
By Richard Fu |
August 29, 2012, Wednesday
|
Print Edition
Print Edition
DOUBLE Coin Holdings Ltd, the Shanghai-based tire maker, wants Chinese brands to grab a share of the high-end market now dominated by foreign companies. And it believes it has a product to do just that - Warrior is a local brand with a history of more than 70 years.
The company has been manufacturing Warrior tires from a new joint venture facility with French giant Michelin in Wuwei County, east China's Anhui Province, since March.
"Warrior is now targeting the mid- and high-end market and our aim is to make Warrior the No. 1 Chinese tire brand," Liu Xunfeng, chairman of Double Coin and president of Shanghai Huayi (Group) Co, the state parent of Double Coin, said yesterday at a launch event of new Warrior car tires.
Huayi and Double Coin own a combined 60 percent of the venture while Michelin holds the rest. The Anhui plant, which required a total investment of 3.2 billion yuan (US$503 million), will be capable of producing 6 million tires annually by the year-end and 15 million by 2015.
Double Coin had formed a minority-owned venture with Michelin in 2001 but that ended up making losses before the Shanghai firm sold its stake in 2010. In the new partnership, Double Coin has brought in Michelin as a strategic investor, with its strength in R&D and quality control, and regained control over the brand.
Jiang Bin, vice general manager of Double Coin, said it is in talks with several carmakers, including Shanghai Volkswagen and Shanghai General Motors, about supply. Warrior will also be available in the existing retail network of Double Coin and Michelin. About 20 percent of tires made by the Anhui plant are for export, Jiang revealed.
The company has been manufacturing Warrior tires from a new joint venture facility with French giant Michelin in Wuwei County, east China's Anhui Province, since March.
"Warrior is now targeting the mid- and high-end market and our aim is to make Warrior the No. 1 Chinese tire brand," Liu Xunfeng, chairman of Double Coin and president of Shanghai Huayi (Group) Co, the state parent of Double Coin, said yesterday at a launch event of new Warrior car tires.
Huayi and Double Coin own a combined 60 percent of the venture while Michelin holds the rest. The Anhui plant, which required a total investment of 3.2 billion yuan (US$503 million), will be capable of producing 6 million tires annually by the year-end and 15 million by 2015.
Double Coin had formed a minority-owned venture with Michelin in 2001 but that ended up making losses before the Shanghai firm sold its stake in 2010. In the new partnership, Double Coin has brought in Michelin as a strategic investor, with its strength in R&D and quality control, and regained control over the brand.
Jiang Bin, vice general manager of Double Coin, said it is in talks with several carmakers, including Shanghai Volkswagen and Shanghai General Motors, about supply. Warrior will also be available in the existing retail network of Double Coin and Michelin. About 20 percent of tires made by the Anhui plant are for export, Jiang revealed.
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