The French tire maker Michelin Group has invested nearly $1.5 billion, its largest single investment in China, to open its biggest factory in Shenyang, capital of Liaoning province.

A company executive says it expects its business in the world's top vehicle market to accelerate by two to three times in coming years.

"As the largest auto market with solid and stable growth worldwide, the Chinese tire market is enjoying steady development. Amid such growth, energy conservation and environmental protection have become new trends and considerations for the automotive and related industries," said Jean-Dominique Senard, president of Michelin Group.