Fueled by an automobile production boom and green transformation in China, Goodyear Tire and Rubber Co plans to partner with more Chinese automakers and passenger transportation platforms to maintain robust growth in the country, a senior executive of the United States-based tire manufacturer said.

Numerous opportunities have arisen from the eagerness shown by Chinese automakers and technology companies to embrace new technologies that have boosted the utilization of new energy sources and electric vehicles. Moreover, the free trade agreements forged between China and other countries, along with surging demand from businesses for sustainable tires, is pushing up the momentum, said Chris Helsel, senior vice-president for global operations and chief technology officer of Goodyear.

As major Chinese as well as international brands expect sales to grow at a fast clip this year, Helsel said the group anticipates continued growth in China, especially in the areas of tire intelligence, connectivity and recycling materials.

"Additionally, we are focused on growth within specific segments of the tire industry. These include the growth of large rim diameter tires, high-performance tires, sport utility vehicle tires and electric vehicle tires. These are our key areas of investment in technology," he added.

According to data from the Beijing-based China Association of Automobile Manufacturers, local and international automakers in China manufactured a record 30.16 million vehicles last year. They also delivered 30.09 million units, another record, marking an increase of 11.6 percent and 12 percent year-on-year, respectively.

With China entering a new era of green and innovation-led growth, Helsel said that Goodyear believes that tire intelligence, which is currently a relatively small part of its business, will also experience significant growth. The company sees connected tires and tire intelligence as sources of future growth.

Eager to boost its earnings, the Akron, Ohio-headquartered company sealed collaborative deals with a number of partners, including Japan's TDK Corp, Germany's ZF Friedrichshafen AG, a Dutch research organization, to improve its abilities in fields such as sensors, anti-lock brake systems and sustainable materials during the International Consumer Electronics Show 2024 held in Las Vegas in early January.

Goodyear also announced a strategic collaboration with China's Didi Autonomous Driving, the self-driving arm of Chinese ride-hailing firm Didi Global Inc, late last year, to explore innovative technologies that can enable the further development of advanced forms of mobility.

Goodyear, which supplies tires to a large number of car manufacturers such as Tesla Inc, General Motors, BYD, Nio and Geely in both foreign and Chinese markets, is prepared to increase production volume, expand existing facilities and open new factories in certain locations to support the growth of its partners in the auto industry, the executive added.

"I appreciate the advancements that all the Chinese car manufacturers have made in taking a leading role in electric vehicles, battery technologies and in software-designed vehicles," said Helsel.

The group, he said, will work with distributors to expand its sales networks in China's lower-tier cities in the years ahead.

Upbeat about the Chinese market, Goodyear started the construction of the second phase of its factory in Kunshan, Jiangsu province in 2023.

The project, which is expected to be completed by the end of this year, is valued at $200 million and is capable of producing 2.6 million radial tires for passenger vehicles annually. The project will bring in an additional 700 million yuan ($97 million) in annual operating income.

Supported by 72,200 employees across the world, Goodyear currently runs three plants and two innovation centers in China with more than 4,000 staff members.

Benefiting from the Regional Comprehensive Economic Partnership, the US company also ships tires manufactured by its plants in China to Japan and a number of Southeast Asian countries.

China's continuous industrial advancement and commitment to environmental sustainability will enhance the nation's competitive position, making several multinational corporations show strong interest in establishing new innovation and manufacturing facilities, said Bai Ming, a researcher at the Beijing-based Chinese Academy of International Trade and Economic Cooperation.

He said that facilitating a seamless integration of the digital economy with the traditional industrial sector will be crucial to achieving a new phase of industrialization in China. This integration will give rise to "new infrastructure", innovative application models, and an upgraded industrial ecosystem, he said.