Bridgestone plans to invest about 800 billion yen ($5.38 billion) in the three years to 2026 to accelerate the development of special tires for electric vehicles and mining equipment, as well as carbon-cutting technology, Nikkei reported.

Bridgestone will release a new medium-term business plan as early as March, which will contain the investment information, the report said. Bridgestone expects to quadruple the number of its heavy-duty tire products, including electric vehicle tires, to about 50 by December 2026. At present, the current version of the series is already used in electric vehicles of automakers such as Toyota Motor.

Photo: Bridgestone

Three years ago, Bridgestone invested around 570 billion yen amid the economic slowdown in Europe and Asia, so the latest investment represents a significant increase. Focusing on the growing demand for electric vehicles, the company is doubling its investment in the development and production of high-performance tires.

Bridgestone CEO Shuichi Ishibashi told Nikkei that Bridgestone will invest more to "create new technologies and add new value while reducing tire prices," adding that the company will launch more unique products.

Developing carbon-neutral technologies is another priority for Bridgestone. In addition to investing in sustainable materials, Bridgestone will also look at partnering with digital startups and acquiring businesses that can enhance their competitiveness.

Bridgestone has a 14.2 percent share of the global tire market, second only to Michelin. The company expects net profit to rise 12% to 335 billion yen in 2023; Revenue rose 1 per cent to Y4.15tn. At a time of slowing economic growth, particularly in Europe, increasing the average price of tires is seen as key to Bridgestone's success in the coming years.

Declaration: This article comes from the Geste Motor.If copyright issues are involved, please contact us to delete.