South Korea-based Hankook Tire, the world’s seventh-largest tyre maker, is to invest US$950m to build a manufacturing plant in Chongqing, Xinhua reported.

The new plant, located in Liangjiang New Area, will start construction in the first quarter of next year and is expected be completed by the end of 2015. Upon completion, it will have an annual production capacity of 11.5m tyres.

This will be Hankook Tire’s third facility in China, the others being in coastal Zhejiang and Jiangsu provinces.