SHENYANG, Sept. 25 (Xinhua) -- Michelin's Shenyang plant -- the group's first factory in China -- has become its largest and most advanced high-end tire manufacturing base in the world, with cumulative investment since 2010 exceeding 12.5 billion yuan (about 1.76 billion U.S. dollars).

The figures were revealed on Wednesday at a ceremony marking the 30th anniversary of the plant, which was established as a joint venture in 1995 and introduced tire production lines to China.

"Michelin Shenyang is a vital milestone for Michelin in China. Over the past three decades, it has driven the transition from local manufacturing to global intelligent manufacturing, playing a key role in green transformation and talent development," said Matthew Ye, president and CEO of Michelin Greater China &Mongolia. "The plant's success vividly embodies the deep integration of the Michelin spirit with the Chinese market."

Benefiting from the market opportunities unleashed by China's expanding opening-up, Michelin has seized the chance to grow alongside the market. Key expansions include a new passenger car tire line with an annual capacity of 10 million units in 2010, an additional 6 million unit line in 2018, the installation of five silent tire production lines in 2019, and a 40-million-euro investment in 2024. This latest project, Golden Wing, will boost the plant's annual capacity to 17.1 million tires by 2025, with its 100-millionth passenger car tire set to be produced soon.

China's steady economic growth and its commitment to high-level opening-up provide fundamental confidence for foreign investors.

"The Chinese market remains one of the most dynamic and promising for Michelin globally, featuring not only a vast consumer base and a rapidly upgrading automotive industry, but also an increasingly robust supply chain and a continuously improving business environment," Ye said. "Michelin is consistently optimistic about and committed to China." 

(Source: Xinhua)