GM actively promotes site selection for new overseas bases

On December 3, 2024, General Motors held a performance briefing for the third quarter of 2024.

At the meeting, General Motors Chairman Gu Cui and Secretary of the Board Bian Yabo gave a detailed interpretation of the company's operating performance and overseas expansion plans in the first three quarters of 2024. Data shows that the company achieved revenue growth of 35.56% in the first three quarters, and net profit increased by 139.49%, a strong performance.

Chairman Gu Cui pointed out that there are two main reasons for the substantial improvement in the company’s performance:

First, the comprehensive advancement of the globalization strategy. By strengthening brand building, optimizing channel layout, and improving R&D innovation and product quality, the company's core competitiveness continues to increase and has been widely recognized by the market;

Second, the release of production capacity in overseas production bases, especially the rapid development of bases in Thailand and Cambodia, has promoted significant growth in product sales.

It is particularly worth mentioning that GM’s second-phase production base in Thailand was successfully put into operation on June 28 and is expected to reach full production by 2025. The current daily production capacity of the semi-steel plants in the first and second phases of the Thailand base has reached 30,000 pieces, and orders are still in short supply, demonstrating strong market demand and production capacity advantages.

Actively promote the selection of new locations for overseas bases and layout the global market

Gu Cui revealed at the meeting that GM is actively conducting site selection for new overseas tire production bases to further expand global production capacity and market share. As the demand in the global tire market continues to grow, the company will continue to deepen its layout in the international market and strengthen its brand influence in the future.

Bian Yabo added that the current design production capacity of GM's three major overseas production bases—factories in Thailand, China and Cambodia—has exceeded 35 million units. In the future, the company will flexibly adjust production and market strategies based on changes in the domestic and foreign economic and policy environments to further increase its global market share.

The overall prosperity of the industry is good, and Linglong Tire is also accelerating its overseas expansion.

Linglong Tire is also actively expanding overseas markets like General Motors. This year, Linglong Tire revealed at its performance briefing that its third overseas base is currently in the research stage to further accelerate the pace of internationalization. According to the latest financial report released by Linglong Tire, the company’s revenue in the first three quarters has reached 15.949 billion yuan, with net profit of 1.712 billion yuan, showing a steady growth momentum.

As the global tire industry continues to improve and overseas demand continues to grow, domestic tire companies have accelerated their overseas deployment to seize global market share. The overseas expansion of General Motors and Linglong Tire marks the increasing prominence of Chinese tire companies in the global market.

With the gradual commissioning and expansion of overseas production bases, GM's international strategy will be further deepened. The company will strive to occupy a more important position in the global tire market by increasing production capacity, optimizing product structure and strengthening marketing network construction. At the same time, GM will continue to pay attention to global market dynamics and flexibly adjust production and sales strategies to adapt to the changing international market environment.

（This article is organized by Wetire website, and the information comes from tireworld Network）