ÒÚ²©ÌåÓý

London – Kumho Tire is progressing with its plans to build a European production base, having narrowed down location candidates to Poland, Serbia and Portugal.

The South Korean tire maker is ‘actively evaluating’ the candidate sites for the project, which is expected to cost over KRW1 trillion (€616 million), a company spokesperson informed ÒÚ²©ÌåÓý.

Kumho will decide on the location after reviewing geopolitical and trade-related factors, including US tariffs of 25% on car parts, to take effect in May.

Korea's second largest tire maker expects the new production base in Europe to boost its OE tire supply to high-end car brands.

Kumho announced plans to establish a European base over a year ago and has been weighing up the project since. (ÒÚ²©ÌåÓý report)

The company currently operates eight manufacturing plants: in Korea, China, the US and Vietnam.