Hankook Tire & Technology posted a 4.1% year-over-year sales increase and an 18.6% year-over-year profit increase during the third quarter of 2024.
The Seoul, South Korea-based company achieved sales of $1.765 million and operating profit of $3.4 million during the quarter.
In the third quarter, sales of 18-inch and larger passenger car and light truck tires increased by 1.4% on a year-over-year basis, according to Hankook officials.
“Regionally, the largest share of high-inch passenger car tire sales was in China at 66.5%, followed by South Korea at 58%, North America at 52.8% and Europe at 34.6%."
Market moves
Hankook says it has been “consistently expanding its supply of original equipment tires for global premium automotive brands, including high-performance vehicles such as the BMW M5 and Mercedes-AMG GT Coupe, showcasing its world-class technological capabilities.”
The tiremaker supplies original equipment tires for over 280 models across approximately 50 brands.
“These include Porsche, Mercedes-Benz, BMW, Audi, and high-performance lines like Mercedes-AMG, BMW M, and Audi RS, along with electric vehicle brands like Tesla and BYD, all of which undergo rigorous testing.
“Additionally, Hankook Tire leverages global motorsports events to showcase its top-tier tire technology to consumers worldwide. As the exclusive tire supplier and official partner for the prestigious FIA Formula E World Championship and the Lamborghini Super Trofeo racing series, the company is enhancing its reputation as a global premium tire company.
EV focus
“Even before the widespread adoption of electric vehicles, Hankook Tire began building its core technology for electric vehicle-specific tires, targeting premium electric cars,” say company officials.
Hankook has secured “various supercars from different automotive brands for research purposes and conducted real-world testing to optimize its tire technology for high-performance vehicles.
“By expanding its global sales channels and strengthening its distribution network, Hankook Tire has steadily increased the proportion of products tailored to the specific characteristics of each region worldwide.”
