In Short:
JK Tyre announced a ₹1,400 crore investment in new segments and expanding capacities for Truck and Bus Radials and Passenger Car Radials. The company is focused on enhancing premiumisation in passenger cars and introducing smart tyres. They are also targeting the electric vehicle segment and looking to expand into new geographies. JK Tyre plans to increase touchpoints and brand shops to cater to consumer needs while keeping an eye on raw material price fluctuations.
JK Tyre Announces a Whopping Investment of ₹1,400 Crore!
Updated – July 02, 2024 at 10:56 AM.
Investing in the Future
JK Tyre is all set to rev up its production with a massive investment of ₹1,400 crore in Truck and Bus Radials as well as Passenger Car Radials. The investment aims at boosting capacity and expanding into new market segments.
Meeting Market Demands
Currently, JK Tyre is nearing the completion of the Banmore plant expansion in Madhya Pradesh, which will increase passenger car capacity by 16%. The company plans to enhance its capabilities by focusing on premiumisation with larger rim sizes, catering to the growing demand for premium tyres.
Technological Innovations
In addition to smart tyres that indicate tire life and detect punctures, JK Tyre is gearing up to introduce green tyres that are sustainable and eco-friendly. These innovative tyres are expected to hit the market by FY26, emphasizing the company’s commitment to sustainability.
Embracing Electric Vehicles
JK Tyre is actively engaging with electric vehicle manufacturers and fleet operators to provide specialized tyres for various categories such as buses, two-wheelers, and passenger cars. The company is prepared to meet the demands of the evolving electric vehicle market.
Exploring New Horizons
With ambitions to expand its global footprint, JK Tyre is evaluating new market opportunities in regions like the Middle East and Egypt. The company aims to enhance its presence in these markets by offering quality products and excellent service.
Enhancing Customer Experience
With initiatives like Dial-a-Tyre and a focus on brand shops, JK Tyre is committed to providing comprehensive support to its customers. The company plans to increase touchpoints and expand its presence in both urban and rural areas to cater to a diverse customer base.
Monitoring Raw Material Prices
While anticipating a slight increase in raw material prices, JK Tyre is closely monitoring the situation to ensure sustainable growth. The company remains vigilant about global market dynamics and is prepared to adjust prices accordingly.
