Hankook Tire builds third China plant

South Korea's Hankook Tire said it started building its third plant in China on Wednesday in southwestern Chongqing city, with a total investment of 954 million U.S. dollars.
The plant, upon completion in 2015, will produce 11.5 million tires a year, it said in a press release.
The plant covers 53 hectares in the Liangjiang New District.
Hankook Tire, the seventh largest tire manufacturer in the world, now has two plants in the eastern provinces of Zhejiang and Jiangsu, with a combined annual capacity of 30 million tires. It controls 20 percent of the passenger vehicle tire market in China.
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