Nexen Tire launches JV with Toyota Tsusho to tap Japanese tyre market.
South Korea’s Nexen Tire is ready to fully tap the Japanese market, having recently launched a joint venture with a new partner.
South Korea’s third-largest tyremaker aims to sell 1 million tyres in Japan in 2022. In a step toward reaching that goal, its new partnership with Toyota Tsusho, a Toyota Motor group trading house, is looking to expand from seven employees to 20.
Nexen has a 51% stake in the venture, which was set up in November.
Plans are to start retailing replacement tyres at dealerships in June. Eventually, Nexen wants to sell to Japanese automakers and have its tyres installed on new cars.