Nokian Tyres has announced the location for its new tire plant — Oradea, Romania. The investment will total Euro 650 million and construction is scheduled to begin in early 2023. The factory is expected to begin production in the second half of 2024, with large scale production commencing in early 2025. Nokian said that the plant will be the first zero CO2 emission factory in the tire industry. Capacity in the first phase is 6 million units/year of passenger car tires.
In June 2022, Nokian announced it would exit the Russian market, divesting its factory in Vsevolozhsk, Russia, which opened in 2005 and has capacity to produce 17 million passenger car tires per year. On October 28, Nokian announced it had agreed to sell the factory to P.J.S.C. Tatneft for around $400 million.