Tyre maker Nokian sets wheels in motion in China and Japan

Finland’s Nokian Tyres has set its sights on future growth opportunities in China and Japan, Chief Executive Hille Korhonen said on Tuesday.

Nokian, which is known for its winter tyres for icy roads, makes most of its sales in Russia and Northern Europe and is building a new factory in the United States.

However, it is also increasing its presence in China by setting up distribution and logistics operations there while testing the Japanese market with a local distributor, Korhonen told investors in Helsinki.The fledgling Chinese winter tyre market is growing, she said, noting that there is no legislation for compulsory use of winter tyres.

Japan, meanwhile, has a huge but stable and well protected market for winter tyres, she said, adding that Nokian does not expect significant volumes from the two countries in the near term.

“We are building the platform for future growth with these activities,” Korhonen said.