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Hankook Tire Announces Its Q3 2024 Financial Results, Showing An 18.6% Increase In Profit

Hankook Tire & Technology, a leading global tire company, reported sales of KRW 2.435.2 billion and an operating profit of KRW 470.2 billion for the third quarter of 2024, according to its consolidated global financial results. Sales increased by 4.1% year-over-year (YoY), while operating profit rose by 18.6%.

Under the strategic leadership of Chairman Hyunbum Cho, Hankook Tire has maintained steady growth despite economic challenges in Europe. The company's ongoing investment in research and development (R&D) and its premium brand strategy have shown positive results.

In the third quarter, sales of passenger car and light truck tires sized 18 inches and above grew by 1.4 percentage points YoY, reaching 44.8%. Regionally, the largest share of sales for passenger car tires sized 18 inches and above was in China at 66.5%, followed by South Korea at 58%, North America at 52.8%, and Europe at 34.6%.

Hankook Tire consistently expands its supply of original equipment tires for global premium automotive brands, including high-performance vehicles like the BMW M5 and Mercedes-AMG GT Coupe, showcasing its world-class technology. By utilizing advanced ultra-ultra-high-performance (UUHP) tire technology developed through continuous R&D, Hankook supplies original equipment tires for over 280 models from around 50 brands, including Porsche, Mercedes-Benz, BMW, Audi, and high-performance lines like Mercedes-AMG, BMW M, and Audi RS, as well as electric vehicle brands like Tesla and BYD, all of which have undergone rigorous testing.

Hankook Tire also uses global racing events to showcase its top tire technology to consumers worldwide.

Hankook, as the exclusive tire supplier and official partner for the FIA Formula E World Championship and the prestigious Lamborghini Super Trofeo series, is enhancing its reputation as a global premium tire company.

The company has begun developing core technology for specialized electric vehicle tires, focusing on premium electric cars even before widespread adoption of electric vehicles. Hankook has also secured various supercars from different automotive brands for research and direct testing to optimize tire technology for high-performance vehicles. By expanding its global sales channels and strengthening its distribution network, Hankook consistently increases the proportion of products tailored to the unique characteristics of each region worldwide.

Additionally, Hankook leads the electric vehicle tire market with its complete line of electric vehicle-specific tires under the iON brand. This initiative has significantly boosted the company's technology and premium brand value globally. Since its launch in 2022, the iON brand has offered a total of 236 sizes, ranging from 16 to 22 inches.

Tag: Audi BMW Hankook Tire Hyunbum Cho