Huayi Group, has unveiled its 2023 financial results, showcasing steady growth and robust production figures. The company’s tyre division, Double Coin, recorded a revenue of 10.184 billion yuan (approximately £1.1 billion; €1.3 billion), marking a year-on-year increase of 1.64 per cent.
Throughout 2023, Double Coin demonstrated impressive operational efficiency, manufacturing 14.509 million tyres and selling 14.874 million tyres. This sales volume represents an increase of over 10 per cent compared to the previous year, highlighting the company’s successful market strategies and strong demand for its products.
The stability of Double Coin’s production capacity was a key factor in this growth. The company has been actively expanding its manufacturing capabilities, with significant developments noted in its Anhui factory. The second phase of the Anhui factory’s semi-steel radial tyre project commenced at the end of 2023 and is slated to be operational in 2024. This expansion will add 3.6 million semi-steel radial tyres to the company's annual output.
Additionally, Double Coin’s international production footprint has also expanded, particularly in Thailand. The company increased its production capacity in the region by 600,000 units, achieved through targeted research and development projects and strategic production line expansions.
Huayi Group’s annual report provides a comprehensive overview of Double Coin’s manufacturing infrastructure. The tyre business operates five factories: three in China located in Jiangsu, Chongqing, and Xinjiang, and one in Thailand focusing on TBR products. These facilities collectively boast a designed production capacity of 9.85 million units. The Anhui factory in China, specialising in PCR products, currently has an annual production capacity ranging between 5 million and 6 million units.
Overall, Huayi Group’s 2023 results reflect a period of steady growth and strategic expansion, with Double Coin at the forefront, reinforcing its position in the competitive tyre market. The company’s ongoing investments in production capabilities and innovative projects signal a positive outlook for the future.
