TNI || New Delhi || 28th Oct 2021
Ceat Tyres Ltd., one of the leading tyre manufacturers in India, has predicted to scale a new peak in the latter half of the financial year.
This feat will be a result of an enhanced production capacity and better demand from the automakers across all the segments.
The company’s new car tyre plant located in Chennai is operational now and is being well utilized adding more steam to grow. In addition to the plant in Chennai, the company is also in the process of laying the foundation of yet another truck tyre plant.
As per Anant Goenka, MD of Ceat, they have set up enough capacity over the last year and a half, and despite the challenges faced on the availability of containers, the export market according to him is a great opportunity.
Notably, supplies to automakers have improved despite a shortage in semiconductors which has slowed down car production to a significant extent.
It is mainly because of the recovery shown in commercial vehicle manufacturing. Apart from this, even the replacement tyre market has bounced back with the economy opening.
The company has also involved itself in readying tyres for electric two-wheelers. Goenka claims that the company already has a whopping 90% market share in the two-wheeler electric segment.
The margins of the company are under pressure, and the company plans to pass the higher cost to consumers gradually with time.