Chinese Tire Maker Century Tire Closes Spanish Factory, Shifts Investment to Morocco

According to data from the Shenzhen stock exchange, Century Tire faced difficulties in Galicia, particularly related to obtaining environmental permits, which forced it to make this decision to close its factory that would have cost more than 500 million euros and allowed the production of 12 million tires per year, reports La Razon.

The Chinese company has decided to transfer its investments to its plant in Tangier, Morocco, created in September 2023. In this perspective, the tire giant invested an additional 360 million euros last year in this factory based in Tangier Automotive City.

This decision responds to long-term strategic development requirements, Century Tire indicated in a report, highlighting the attractiveness of the business climate, skilled workforce, quality of infrastructure, and political stability in Morocco.

In 2024, the Chinese giant achieved a turnover of more than one billion euros, up 8.5% compared to the previous year, and a net profit of 264 million euros, representing an increase of 59%. The Tangier plant contributed to a 10.2% increase in annual production, showing the strategic interest of the kingdom for Century Tire.