Linglong Tire has reported impressive financial results and significant strategic developments for the first three quarters of 2024, showcasing its continued growth and innovation in the global tyre industry.
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Linglong reported a net profit attributable to shareholders between 1.65 billion yuan and 1.75 billion yuan (approximately £179-190 million or €215-228 million). This strong performance highlights the company’s robust profitability and solidifies its position as a key player in the global tyre market.
Linglong has undertaken several key initiatives in 2024, focusing on product innovation, market optimisation, and overseas expansion.
In a move towards sustainability and product excellence, Linglong launched a new product line featuring tyres made from 79% sustainable materials. These environmentally friendly tyres achieved the highest industry A grade in certain categories, underscoring the company’s commitment to innovation and environmental responsibility.
Linglong has been refining its market strategy through structural adjustments in both domestic and international retail and Original Equipment (OE) sectors. This strategic realignment aims to enhance market positioning and optimise its customer base, ensuring long-term growth in a competitive landscape.
A key element of Linglong’s growth strategy is its overseas expansion, particularly its operations in Serbia.
Linglong’s second overseas manufacturing facility, located in Zrenjanin, Serbia, continues to ramp up production. With an investment of nearly €1 billion, the factory has a projected full-capacity output of 14 million tyres per year, including products for cars, trucks, and Off-The-Road (OTR) vehicles. The facility employs approximately 1,200 workers, making it a significant contributor to both local employment and Linglong’s international production capacity.
Linglong has outlined an ambitious expansion plan for its Serbian facility, with an additional investment of 4.62 billion yuan (around $645 million) to further boost production capabilities. Key elements of this expansion include:
Construction is set to begin in January 2025, with the project expected to be completed by the end of December 2030.
Linglong’s strategic focus on product innovation, market optimisation, and overseas expansion demonstrates its commitment to sustainable growth and industry leadership. By combining advanced product development with targeted market adjustments and expanding its global footprint, the company is well-positioned for continued success.
