Taiwanese auto parts manufacturer Tong Yang Industrial Co. plans to triple its production footprint in Tainan as surging North American demand drives record profits.
The company reported pre-tax earnings of NT$5.3 billion ($168 million) for 2023, a 45% jump from the previous year, with earnings per share reaching NT$9.16. December profits alone rose 72% to NT$530 million.
Tong Yang broke ground on the first of three planned facilities in Tainan Science Park, targeting completion by the third quarter. The expansion will span 330,000 square meters over three years, potentially adding NT$10 billion in annual revenue.
The move follows increased orders from U.S. insurers like State Farm, which recently expanded the use of aftermarket parts. Tong Yang’s Vice President Wu Jie-zhong said the company will expand beyond its core bumper and fender products to include new components like active grille shutters and cooling fans.
The manufacturer’s existing 462,000-square-meter Tainan facility is operating at full capacity. Two additional plants will begin construction in March and late 2026 to support three to five years of projected growth.
