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Chinese manufacturer of tires for cars and aviation Sentury Tire has announced that approximately CNY2.8 billion (approximately €360 million) allocated to build its factory in Spain will be allocated to the Moroccan plant instead.
The company made this decision because the Spanish plant is still in the «approval process» with no clear end date, while the tire plant in Morocco is «doing well» and has a greater need for investment.
The Moroccan plant, with a planned annual capacity of 12 million passenger car tires, will be built in two phases, each with a capacity of 6 million tires per year.
According to the company, construction on both projects began in October 2023. The schedule indicates that the construction periods for the two projects are 12 months and 18 months, respectively.
