Kumho Tire (photo = Yonhap news)

 

[Alpha Biz=(Chicago) Reporter Kim Jisun] Kumho Tire will invest more than 1 trillion won to build its first plant in Europe in 2027. Four countries, including Romania, Serbia, Portugal and Turkey, will select a factory site by the end of this year after reviewing incentives promised by each country, including the size of subsidies and tax benefits.

Kumho Tire operates eight factories in four countries, including South Korea, China, the United States and Vietnam.

Tires that are supplied to European automakers such as Volkswagen and Peugeot are moving their products produced in Vietnam to ships.

Kumho Tire plans to build 12 million European plants annually and secure premium companies such as Mercedes-Benz as new customers.

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