Tokyo's Iconic Starbucks Overlooking Shibuya Scramble Crossing Reopens with Fresh Design 
United Airlines to Receive Compensation from Boeing for 737 MAX Grounding 
OpenAI CEO Sam Altman's Worldcoin Unveils Human-Centric Blockchain, World Chain 
HSBC Reportedly Axing Dozens of Additional Investment Banking Jobs in Asia 
McDonald’s Korea Hits Record Revenue Amid Localization and Digital Innovations 
McDonald's Japan Teams Up with Sanrio for Exclusive Happy Meal Toys 
United Airlines Adjusts Aircraft Delivery Plans Amid Boeing Delays 
The Original Mouthful: McDonald's Australia Revives Legendary Big Mac Chant with a Tech Twist 
LG Electronics Eyes $1 Billion Through Bond Deal 
S. Korea's Beer Imports Dip Amid Tsingtao Urination Incident; Japanese Brands See Resurgence 
Google Shuffles Finance Team for AI Shift, Slashes Jobs in Finance and Real Estate Divisions 
AMD Targets Nvidia, Intel with New AI Chips for Gaming and Business PCs 
Rivian Expands Layoffs With Additional 1% of Jobs Amid Growing EV Market Woes 
Adidas Raises 2024 Profit Outlook After Strong First Quarter 
FENTY x PUMA Launches New Creeper Phatty Earth Tone Collection 
Naver Pay, Billboard Ink MOU for Fintech-Entertainment Services; Billboard Korea to Launch in June 
JPMorgan to Leverage AI Across Banking Operations, Jamie Dimon Confirms 
Kumho Tire revealed this week that it would be investing KRW340 billion won or around $297.6 million to expand its plant in Vietnam. This move will allow the company to double its production capacity.
The reason behind the decision for expansion
As per The Korea Times, the South Korean company is taking this step to increase its export capability to North America. The expansion will make sure that Kumho Tire will be able to deliver more products than it was producing before.
The company shared that the plan was only made possible after the board agreed to shell out KRW340 billion as an investment. The fund will be gradually released starting in the third quarter of 2021 up to the first quarter of 2023.
"After considering our plan to increase North America-bound exports and potential U.S. anti-dumping duties, we came to the conclusion that increasing the capacity of the Vietnamese plant would be the best solution," an official from Kumho Tire stated.
The plant will be expanded by building more structures on the vacant lot inside the plant’s compound. Once completed, it was said that Kumho Tire will be able to make at least 9.3 million tires per year. Currently, the firm can only produce about 3.8 million pieces a year.
About Kumho Tire
Kumho Tire is the second-largest tire maker in South Korea. It is currently operating a total of eight tire plants in four countries that include China, the U.S., Vietnam, and South Korea. The company chose to expand its Vietnam unit since it is the best place for the production expansion that is expected to boost the company sales in North America in the long term.
The Korea Herald noted that there is an increase in demand in the said territory, so Kumho Tire is taking steps to ensure that it will be able to supply the needed products despite the toughening market conditions today.
Finally, the billion won investment that it will spend is almost six times higher than its operating revenue in 2019, but Kumho Tire is confident they will be able to get back their money in no time.
