Get ready for a thrilling ride as we dive into the world of Giti Tire, a Singapore-based company that's making bold moves to accelerate its growth. Executive Chairman Enki Tan has a vision to propel Giti into the global top ten tire suppliers, and he's betting big on the EV revolution to make it happen.
Imagine this: a clear morning in Germany, and a Chinese EV powerhouse, BYD, sets a new speed record with its electric hypercar, the Yangwang U9 Xtreme. This beast of a machine, fitted with Giti's eGTR2 Pro tires, reached an astonishing 496.22 kmph, breaking the previous record held by Bugatti's Chiron Super Sport 300+. But that's not all; the U9 Xtreme also lapped the infamous Nürburgring Nordschleife, known as the 'Green Hell', in under seven minutes, a testament to the tire's extreme performance capabilities.
Giti's eGTR2 Pro tires are the result of two decades of dedication to tire innovation and design, led by the visionary Enki Tan, a former medical doctor turned auto executive. Tan has transformed Giti from a regional player to a global force, with its tires now sold in over 130 countries. He proudly declares, "If you go to Bhutan, you'll see our tires. If you venture to New Zealand, you'll spot them too!"
Industry experts rank Giti as the 15th largest tire manufacturer globally, with an impressive $3.1 billion in revenue for 2024. The company has the capacity to produce over 100 million tires annually for various vehicles, from conventional cars to EVs, motorcycles, trucks, and buses. But Tan's sights are set higher; he aims to reclaim Giti's spot among the top ten tire giants, where Michelin and Bridgestone currently reign.
"Giti will undoubtedly achieve its goal of becoming one of the top ten tire manufacturers worldwide. The only question is how soon they'll get there," predicts David Shaw, CEO of Tire Industry Research.
Tan believes Giti's technical prowess will be its key to success. "Building factories and pushing products is no longer enough. The brands that thrive are those that invest in technology, enter key markets, and partner with growth-oriented companies," he asserts.
And he's right; the humble tire, often overlooked, is the unsung hero that enables driving. Tan highlights that tires are the only part of a car that touches the road, making their role in acceleration, braking, stability, and control crucial. Giti has invested over $2 billion in R&D and manufacturing to meet the evolving demands of passenger and commercial vehicles, from safety and durability to energy efficiency and smart monitoring through tire-embedded sensors.
Giti's success is a testament to its 800 engineers working across research centers in China, Germany, Indonesia, and the US. Tan emphasizes, "Most people underestimate the complexity of tire manufacturing. It's not as simple as pouring rubber into a mold; it's a sophisticated process."
Take, for instance, the U9X hypercar. Giti proposed over 30 tire designs, according to Yan Feng, head of Yangwang Research Institute at BYD's R&D division. "Close collaboration with a tire supplier is essential to achieve world records in both top speed and lap time on such an extreme vehicle," Feng explains. Giti's long-standing association with BYD made it the natural choice for this project, and the jointly developed tire used heat-resistant fibers of high tensile strength to ensure stability at high speeds.
For Tan, this project was a testament to Giti's capabilities. "We proved that we can produce tires that go beyond their daily application. Imagine the forces involved in turning a corner at 300 kmph! It's fascinating, especially with the rise of EVs."
Indeed, EV tires are Giti's fastest-growing business and its most promising segment. Over half of the 300 original equipment manufacturer (OEM) car models Giti supplies are EVs. This traction is a result of Giti's long-term vision, which began with its partnership with Chinese carmaker Chery Automobile over two decades ago to make tires for its popular QQ City series.
"We've been selling EV tires since the beginning of EV manufacturing in China. Being at the right place at the right time has allowed us to snag contracts with leading EV makers like BYD, Geely Auto, XPeng, and NIO. China is the world's largest EV manufacturing hub, and Giti's focus on this market could be its ticket to global market share dominance," Tan explains.
Giti's EV push comes at a time when leading tiremakers are ceding market share to players like Giti, Hankook Tire & Technology, and Yokohama Rubber, who can produce high-quality tires at competitive prices. "Giti's aim to be among the global top ten is perfectly possible because the big names are struggling," Shaw adds.
Tan's passion for cars is deeply rooted; he grew up in Kuala Lumpur and remains a Malaysian citizen. His family owned a car repair shop, and his interest in biology led him to study medicine at the University of Sydney. After working as an anesthesiologist in Australia, Hong Kong, and Malaysia, Tan pursued an MBA from MIT, and these diverse experiences have shaped his leadership at Giti.
"In medicine, you always need to understand the root cause of any problem. The same principle applies in business. If you don't address the root cause, you're only treating symptoms, and the company won't grow because the underlying issues remain unfixed," Tan explains.
Tan's efforts to make Giti a recognized global brand have paid off. This year, Giti partnered with Volkswagen to outfit the German carmaker's electric van, the ID. Buzz, with GitiSynergy H2 tires for an 80,000-kilometer journey through 75 countries. This expedition, aiming to set a Guinness World Record, will be yet another test of Giti's tires and its technology.
Giti's future growth prospects lie in Asia, particularly China, the world's largest car market. In the first half of 2025, China accounted for about 44% of Giti's total sales, followed by Indonesia at 26%. The company anticipates continued growth in the Asia-Pacific region, with China's tire market nearly doubling in size by 2030.
To crack the industry's top ten, Giti needs to strengthen its relationships with top automakers and increase its exposure to EV and SUV tires. "Only then will they achieve higher top-line growth compared to the normal mid-single-digit growth expected in the tire industry," says Yash Agarwal, an auto equities analyst at Nirmal Bang Securities.
Giti's journey towards the top ten isn't without challenges. The company faces a natural rubber shortage amid high demand and competitive pricing between brands. However, Giti's efforts to mitigate these challenges, including centralized purchasing and the introduction of sustainable tire prototypes, have paid off, with net profit climbing over 80% in 2024.
As Giti revs up, it must keep pace with the rapidly evolving market, ensuring its tires meet the latest demands. "You cannot just sell the product; you have to serve the customer and build trust in your brand," Tan advises.
Giti's story is one of ambition, innovation, and a relentless pursuit of excellence. With its focus on EV tires and a global vision, Giti is poised to make its mark on the tire industry's leaderboard.
